AMAZING, aren’t they!
It didn’t take them long to get the vertical integration in place … what will be next?
Another local enterprise being predated upon is now captured, and will be consumed
–is this in Australia’s interest?
-is this buy out another way of getting around our rules about foreign ownership of our agriculture and agri businesses?
-will this product be subject to the corporate culture of a foreign entity?
will the employment of people in Australia be now subject to foreign edicts, as seen in ‘American Factory’
‘American Factory’ is a documentary but feels like a horror story from the frontlines of late capitalism
Frightening, this is but a fraction of their plans, an example of where and what they are up to!
Another sad day for Australian industry!
Let’s hope there is more to be said about this, that the FIRB will do something … even if it limits the level of ownership to 50% … preferably not allow it!
Should there be a hue and cry over Bellamy sale to foreigners? !!!
Will we be subject to the same old lines like:
-it’s a commercial decision
-it’s about foreign investment and we encourage it
IT sends the wrong signal to the World if on every occasion we complain about the sale of a company in Australia:
-the production is remaining in Australia so there’s little to worry about
-interfering with the sale of businesses could mean our exports could suffer as our trade customers look for alternatives elsewhere
-the money paid for the sale of this company will be invested elsewhere so nothing changes
AND so on but what about:
-means of production are no longer in our control
-Australian companies have sold off their base in Australia and have facilitated vertical integration of foreign entities into what is left of our industrial capacity
AND the fact it is another example of the erosion of our corporate ownership, intellectual property and wealth generation.
LONG TERM it is yet another dark day for the Australian economy
-it becomes yet another incremental step in the pulling apart of our sovereignty
-at its heart is an ideological agenda of advancing free market capitalism with a Darwinian belief in the trickle down economy
P.S. The Bellamy’s suitor is associated with a State Owned Enterprise (that is, the Chinese Communist Party). Obviously this acquisition should be blocked, if on no other grounds than unfair trade practices, blocking access then buying the company.
Bellamy’s to be bought out by Chinese dairy company for $1.5 billion
16 SEPTEMBER 2019
Tasmanian-based infant formula company Bellamy’s has recommended shareholders vote in favour of a proposed $1.5 billion takeover by Chinese company Mengniu.
The potential takeover offers a significant 59 per cent premium to the last closing price for Bellamy’s shares. Shares closed on September 13 at $8.32, and the offer from Mengniu is $12.65 per share and a $0.60 dividend per share.
The board of Bellamy’s has unanimously recommended that shareholders vote in favour of the offer.
Bellamy’s CEO Andrew Cohen said Mengniu was an “ideal partner” for the business.
“It offers a strong platform for distribution and success in China, and a foundation for growth in the organic dairy and food industry in Australia,” Mr Cohen said.
Mengniu CEO Lu Minfan said the company had growth ambitions for Bellamy’s in Australia and the broader Asia-Pacific region, and pointed to investment in the local dairy industry to ensure there was capacity to expand.
The deal is subject to Foreign Investment Review Board approval.
Board member John Murphy said he is hopeful that FIRB approval will be granted.
“At this stage we’re in the process with FIRB. We’re having full engagement and are co-operating in that process. It has a way to run, but we’re feeling very positive. We don’t want to get ahead of that process, we’ll let it play through but at this stage we’re feeling very positive that it will run a course.”
The ABC has contacted the office of Treasurer Josh Frydenberg for comment.