Kirin abandons sale of Australia’s Lion-Dairy to China Mengniu

FILE PHOTO: China Mengniu milk products are displayed at a supermarket in Beijing, Feb. 13, 2014. REUTERS/Kim Kyung-Hoon

Kirin Holdings Co and China Mengniu Dairy Co said on Tuesday they have given up on the sale of the Japanese company’s wholly owned Australian dairy firm Lion-Dairy and Drinks Pty Ltd to the Chinese company.

The announcement follows a media report last week that the Australian government could block the deal in what would mark its first veto since it announced a shake-up of the country’s foreign investment laws in July.

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