#TradeWar #Australia #CCP
Beijing is not happy with deal cancellations between Australian and Chinese companies
The $600 million takeover of Australian drinks company Lion by Chinese company Mengniu Dairy has been blocked by Australian Treasurer Josh Frydenberg on national security grounds.
Mengniu Dairy has 25 per cent owned by the Chinese government.
Australia's Foreign Investment Review Board cleared the deal in February 2020 but Frydenberg stepped in to prevent it, as the political tensions and trade war between the two nations escalated.
Chinese state-run news, Global Times, wrote: 'Banning a Chinese company from buying an Australian dairy brand doesn't make much economic sense. It would show that bilateral relations will continue on a downward spiral, with the Australian side willing to risk its global reputation in order to maintain a tough line against China in all aspects.'
Source: Daily Mail #Aug25
https://trib.al/9gaouuZ
#JoshFrydenberg #MengniuDairy #Lion #China #NationalSecurityThreat
Beijing is not happy with deal cancellations between Australian and Chinese companies
The $600 million takeover of Australian drinks company Lion by Chinese company Mengniu Dairy has been blocked by Australian Treasurer Josh Frydenberg on national security grounds.
Mengniu Dairy has 25 per cent owned by the Chinese government.
Australia's Foreign Investment Review Board cleared the deal in February 2020 but Frydenberg stepped in to prevent it, as the political tensions and trade war between the two nations escalated.
Chinese state-run news, Global Times, wrote: 'Banning a Chinese company from buying an Australian dairy brand doesn't make much economic sense. It would show that bilateral relations will continue on a downward spiral, with the Australian side willing to risk its global reputation in order to maintain a tough line against China in all aspects.'
Source: Daily Mail #Aug25
https://trib.al/9gaouuZ
#JoshFrydenberg #MengniuDairy #Lion #China #NationalSecurityThreat