China Mengniu Dairy Company Limited (SEHK:2319) agreed to acquire 25% stake in Yashili International Holdings Ltd (SEHK:1230) from Danone Asia Baby Nutrition Pte. Ltd for HKD 1.4 billion May 6, 2022. Yashili will be held as to approximately and effectively 76.01% by Mengniu and the Danone Group will cease to hold any Yashili Shares.

As of June 27, 2022, stated in the Joint Announcement, the making of the Privatization Proposal is, and the implementation of the Privatization Proposal and the Scheme will be, subject to the satisfaction of the Scheme Pre-Conditions by the Pre-Conditions Long Stop Date. Since the date of the Joint Announcement, steps have been taken in relation to the fulfilment of the Scheme Pre-Conditions. As of the date of this announcement, none of the Scheme PreConditions has been fulfilled.

On August 12, 2022, Mengniu received the approval of the shareholders. As of March 9, 2023 all the conditions of the transaction are fulfilled.