Deal: A cross-border team from Norton Rose Fulbright (NRF) advised China Mengniu Dairy Company Limited on its acquisition of Bellamy’s Australia Limited.

Value: $1.5 billion.

Area: M&A.

Key players: The team was led by Sydney-based corporate M&A partner John Elliott and supported by associate Dean Zinn. In Hong Kong, the team was led by its partner Psyche Tai, counsel Rachel Chan and Jane Yua.

NRF was supported by Sydney’s partner Belinda Harvey and senior associate Dietrich Marquardt and Hong Kong partner Peter Haslam, counsel Vivian Lui and by associate Vivian Wong.

The Allens team was led by partners Guy Alexander and Tom Story and assisted by senior associate Hannah Biggins.

Deal significance: China Mengniu Dairy is a “leading manufacturer” of dairy products in China and is listed on the Hong Kong Stock Exchange. Bellamy’s is a well-known organic brand business, selling organic foods and instant formula products.

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Mengniu and Bellamy’s product and channel mix are “highly complementary” in dairy industries and Mengniu is “uniquely positioned to assist Bellamy’s in fully achieving its potential by leveraging its experience and resources in organic dairy,” NRF said.

Bellamy’s shareholders will receive a total of $13.25 cash per share, inclusive of the special dividend of $0.60 per share. This will represent a 54 per cent premium to the three-month volume-weighted average price to 13 September 2019.

The scheme is expected to be implemented in December 2019, subject to satisfaction of a number of conditions, including approval of Bellamy’s shareholders, the Supreme Court of NSW and the Foreign Investment Review Board.

Mr Elliot said: “We are pleased to have supported China Mengniu Dairy Company on this agreement with Bellamy’s Australia, which marks an important development for the Australian dairy market. The transaction involved a multi-practice team from Australian and Hong Kong.”

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