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China Mengniu Dairy Co Ltd Buys KKR & Co LP and CDH Investments Stake In China Modern Dairy Holdings Ltd-Reuters


Wednesday, 8 May 2013 03:37am EDT 

Reuters reported that China Mengniu Dairy Co Ltd's deal to buy a $410 million stake in China's unpasteurised milk producer is a strategic move to rebuild trust after a series of scandals left local brands' reputations in tatters. Mengniu, twice hit by accusations it sold tainted milk, said on Wednesday it would buy 26.92% of China Modern Dairy Holdings Ltd from private equity firms KKR & Co LP and CDH Investments. The deal will lift Mengniu's stake in China Modern to about 28%.