Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

Beston Global Food Co's dairy farm sale may need regulatory nod

Published 11/06/2020, 11:26 am
Updated 11/06/2020, 11:30 am
© Reuters.
BFC
-

June 11 (Reuters) - Australia's Beston Global Food Company BFC.AX said on Thursday it was selling its dairy farms to Aurora Dairies for A$40.4 million ($34.46 million), in a deal which may need regulatory approval due to the new stringent rules for foreign investment.

Aurora Dairies is jointly owned by Canada's Public Sector Pension Investment Board and an Australian fund manager, a spokesman told Reuters, making it a firm with overseas interest.

Australia is set to toughen its investment laws, citing national security concerns, giving the Foreign Investment Review Board powers to screen all deals with a foreign investor irrespective of the dollar value. Canadian pension fund has been taking interest in Australian assets for a while now, including the acquisition of Australian agribusiness company Webster Ltd in October. new rules for foreign investment in Australia may hurt quite a few cross-border deals that are in the pipeline. = 1.4337 Australian dollars)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.