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MarketScreener Homepage  >  Equities  >  Stock Exchange of Hong Kong  >  China Mengniu Dairy Company Limited    2319   KYG210961051

CHINA MENGNIU DAIRY COMPANY LIMITED

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China Mengniu Dairy : in $1 Billion Deal to Buy Bellamy's Australia

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09/15/2019 | 04:41pm EDT

By Robb M. Stewart

MELBOURNE, Australia--China Mengniu Dairy, one of China's leading dairy-products manufacturers, has struck a deal to buy Bellamy's Australia for about 1.50 billion Australian dollars (US$1.03 billion).

Bellamy's board of directors said Monday they have unanimously backed an offer from Mengniu of A$12.65 a share in cash. Bellamy's shareholders also will receive a A$0.60 special dividend paid by the Australian company before the takeover is implemented.

The offer marks a 59% premium to the last closing price for Bellamy's.

"This transaction can further deliver on our founder's original vision of a truly iconic Australian brand," Bellamy's Chief Executive Andrew Cohen said.

Founded in Tasmania and listed on the Australian Securities Exchange in 2014, Bellamy's produces, supplies and markets a range of organic food and infant formula for babies and toddlers. Its products are distributed in Australia, Vietnam, Singapore, Malaysia, New Zealand and China.

Mengniu manufacture and distributes dairy products in China, and has manufacturing sites in New Zealand and in Indonesia.

The offer remains subject to a number of conditions, including approval by Bellamy's shareholders and clearance by the Australian Foreign Investment Review Board.

Write to Robb M. Stewart at robb.stewart@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
BELLAMY'S AUSTRALIA LIMITED 0.08% 12.9 End-of-day quote.76.33%
CHINA MENGNIU DAIRY COMPANY LIMITED -0.80% 30.95 End-of-day quote.27.37%
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Financials (CNY)
Sales 2019 77 546 M
EBIT 2019 4 460 M
Net income 2019 3 897 M
Debt 2019 5 725 M
Yield 2019 0,92%
P/E ratio 2019 30,7x
P/E ratio 2020 26,0x
EV / Sales2019 1,62x
EV / Sales2020 1,49x
Capitalization 120 B
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Technical analysis trends CHINA MENGNIU DAIRY COMPAN
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Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 30,78  CNY
Last Close Price 30,50  CNY
Spread / Highest target 24,5%
Spread / Average Target 0,91%
Spread / Lowest Target -37,1%
EPS Revisions
Managers
NameTitle
Min Fang Lu Chief Executive Officer & Executive Director
Lang Chen Chairman
Ping Zhang Chief Financial Officer
Wei Zu Yu Vice President-Research, Development & Innovation
Gen Sheng Niu Non-Executive Director
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