Chinese private equity plans to spend 7000 million to buy Australia's largest private dairy
2014-01-30 17: 52: 30
Editor in charge: Catherine
According to a report by the Australian financial media Business Spectator, Beijing-based private equity investment company Origo Partners PLC is negotiating with Australia’s largest private dairy company United Dairy Power (UDP) to acquire the company. The former intends to spend A$7000 million to earn UDP under its command.
Earlier, Australian media reported that Manassen Foods, a subsidiary of Bright Food Group, was interested in acquiring UDP, but UDP later denied this rumor. Subsequently, many senior leaders of Bright Food Group also denied any related acquisitions.
Ou Rui Fund was initiated and established in 2006. It is China's first open-end PE fund listed on the London Stock Exchange. Shareholders include Morgan Stanley, Goldman Sachs, Soros Fund and ABN AMRO.
Earlier this month, Darryl Cardona, the general manager of UDP, said that the company only wanted to sell a small portion of its equity and was looking for an Australian buyer.
UDP was established in 1999. After excluding interest, taxes, depreciation and amortization expenses, the company's annual profit is between 800 and 900 million Australian dollars. Currently, Australian investment banks value the company at 3000-4000 million Australian dollars.
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