Kirin to sell dairy unit in Australia to Bega Cheese for $412 mil.

Kirin Holdings Co. said Thursday it will sell its Australian dairy and beverage business to Bega Cheese Ltd. for about AU$ 560 million ($412 million), after an initial deal with a Chinese firm failed to obtain regulatory approval amid heightened Sino-Australian tensions.Under the agreement, Kirin’s subsidiary will sell all shares in Lion-Dairy and Drinks Pty Ltd. to Australia’s Bega Cheese in the first quarter of 2021, according to the major Japanese brewer.Bega Cheese Executive Chairman Barry Irvin said the acquisition will deliver “important industry consolidation.””The expanded product rang…

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