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Business deals

China's Mengniu buys Australian organic formula maker for $1bn

Dairy group grabs ASX-listed Bellamy's in first overseas deal

A shopper browses Mengniu's milk products at a Beijing supermarket.   © Reuters

BEIJING -- China's second-largest dairy company, China Mengniu Dairy, said Monday it has offered to acquire baby formula maker Bellamy's Australia for up to 1.46 billion Australian dollars ($1 billion).

The deal would be Hong Kong-based Mengniu's first purchase of a company outside China.

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