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Business deals

Kirin looks for non-Chinese buyers for Australian dairy unit

Deal with Mengniu scrapped after Canberra says it would be 'contrary to national interest'

Lion Dairy's Pura milk: Kirin decided to sell the Australian unit after a review of underperforming operations. (Photo courtesy of Lion Dairy & Drinks)

TOKYO/HONG KONG -- Japanese beverage group Kirin Holdings has dropped plans to sell an Australian unit to China Mengniu Dairy and will seek another buyer, in a setback that appears caused in part by friction between Australia and China.

Kirin had agreed in November to sell Lion Dairy & Drinks for 600 million Australian dollars ($430 million) to Mengniu by the end of this year. The deal was approved this February by the Australian Competition & Consumer Commission.

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