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.
