The Foreign Investment Review Board (FIRB) has approved the $1.5 billion takeover of Bellamy’s by China Mengniu Dairy Company.
Treasurer Josh Frydenberg said he had provided conditional foreign investment approval for the proposed takeover after FIRB did extensive consultation on a wide range of issues.
The takeover was approved on condition the infant formula maker remains headquartered in Australia for 10 years and is run by a majority Australian board.