Key Developments: China Mengniu Dairy Co Ltd (CIADY.PK)
70.50USD
25 Feb 2013
$-1.40 (-1.95%)
$71.90
$70.50
$70.50
$70.50
520
35
$76.22
$65.65
Latest Key Developments (Source: Significant Developments)
Danone SA Announces Joint Venture and Equity Investment Agreement with COFCO and China Mengniu Dairy Co Ltd
Danone SA announced COFCO, a State-owned food company in China, has signed an agreement with Danone, pursuant to which the two parties will form a joint-venture. COFCO has agreed to sell 148,014,022 shares in China Mengniu Dairy Co Ltd to the joint-venture. COFCO and Danone will own 51% and 49% respectively in the newly formed company. After the transaction, COFCO will continue to be the single largest shareholder in China Mengniu. Danone will become a strategic shareholder in China Mengniu, owning an indirect interest of approximately 4% at the initial stage, with an aim to increase the interest in China Mengniu based on market conditions in the future. In addition, Danone and China Mengniu Dairy Co Ltd have signed a framework agreement to establish a joint-venture for the production and sales of chilled yogurt products in China, Danone will own 20% and China Mengniu 80% of the new joint-venture in China. Danone will invest approximately EUR 325 million as a result of the two above cooperation projects. Full Article
China Mengniu Dairy Co Ltd Buys KKR & Co LP and CDH Investments Stake In China Modern Dairy Holdings Ltd-Reuters
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%. Full Article
China Mengniu Dairy Co Ltd Recommends Final Dividend
China Mengniu Dairy Co Ltd announced that the Board has recommended the payment of a final dividend of RMB0.16 (2011: RMB0.198) per ordinary share for the year ended December 31, 2012. Upon shareholders’ approval at the forthcoming AGM, the proposed final dividend will be paid on or about June 25, 2013 to shareholders whose names appear on the register of members of the Company on June 14, 2013. Full Article
China Mengniu Dairy Co Ltd's Inner Mongolia Mengniu Enters Into Equity Transfer Agreement With Mr. Yang
China Mengniu Dairy Co Ltd announced that Inner Mongolia Mengniu, a subsidiary owned as to 93.29% by the Company, has on November 08, 2012, entered into the Equity Transfer Agreement with Mr. Yang, pursuant to which, Inner Mongolia Mengniu has agreed to sell, and Mr. Yang has agreed to purchase, 32,000,000 ordinary shares in Saikexing, representing approximately 17.78% equity interest in Saikexing for a cash consideration of RMB101,760,000 (equivalent to approximately HKD125,205,000). The consideration will be paid in cash. RMB50,880,000 (equivalent to approximately HK$62,602,000) shall be paid within 30 business days from the date of the Equity Transfer Agreement. The balance of the consideration shall be paid within 10 business days on which all the approvals from the PRC governmental and regulatory authorities for the Disposal being obtained. Saikexing is established in the PRC and is principally engaged in production and operation relating to the frozen semen breeding of Holstein and Jersey cattle; reproduction of dairy cattle by artificial insemination with frozen semen; husbandry and breeding of dairy cattle cultivation and sale of cattle embryos. The Company intends to use the proceeds from the Disposal as general working capital. Full Article
China Mengniu Dairy Co Ltd Does Not Recommend Dividend
China Mengniu Dairy Co Ltd announced that the Directors do not recommend the payment of an interim dividend for the six months ended June 30, 2012 (six months ended June 30, 2011: Nil). Full Article
China Mengniu Dairy Company Limited Announces Change Of Chief Executive Officer
China Mengniu Dairy Company Limited announced the appointment of Ms. Sun Yiping (Ms. Sun) as the new Chief Executive Officer of the Group. Ms. Sun is also appointed as executive director of the Company and a director of Inner Mongolia Mengniu Dairy (Group) Company Limited (IM Mengniu), the Company’s main operating subsidiary, all with effect from April 12, 2012. According to the articles of association of IM Mengniu, its Chief Executive Officer generally has a term limit of two terms. Mr. Yang Wenjun (Mr. Yang), an executive director of the Company, has been serving as the Chief Executive Officer of IM Mengniu for two consecutive terms since 2006 and as the Chief Executive Officer of the Company in the last two consecutive years. As Mr. Yang has completed his two terms of service as the Chief Executive Officer of IM Mengniu, he decided to relinquish the role of Chief Executive Officer of the Group with effect from April 12, 2012, as he wishes to devote his focus on the Group’s overall strategic planning and development going forward. He will remain as a vice-chairman of the Board and the board of directors of IM Mengniu. Full Article
China Mengniu Dairy Company Limited Recommends Final Dividend
China Mengniu Dairy Company Limited announced that the Board has recommended the payment of a final dividend of RMB0.198 (2010: RMB0.16) per ordinary share for the year ended December 31, 2011. Upon shareholders’ approval at the forthcoming annual general meeting (the Annual General Meeting), the proposed final dividend will be paid on or about June 29, 2012, to shareholders whose names appear on the register of members of the Company on June 22, 2012. Full Article
China Mengniu Dairy Company Limited Mengniu Shares Down Sharply On Milk Scandal-Reuters
Reuters reported that China Mengniu Dairy Company Limited lost nearly a quarter of its market value on December 28, 2011, its shares down sharply to their lowest level in more than two years after the Company was hit by a tainted milk scandal over the Christmas holiday. Mengniu said in a statement that it had destroyed products at a plant in Sichuan found by the government quality watchdog to contain aflatoxin, a substance that can cause severe liver damage, including liver cancer. Full Article
China Mengniu Dairy Company Limited Not In Talks With Pfizer On Nutrition Business-Reuters
Reuters reported that China Mengniu Dairy Company Limited is not in direct talks with Pfizer to bid for the Pfizer's nutrition business. The Financial Times reported that China Mengniu, backed by state giant COFCO Corp and previously involved in the melamine scandal that hit China's dairy industry in 2008, was considering a bid for Pfizer's nutrition business, a unit that could fetch as much as $10 billion. Full Article
China Mengniu Dairy Company Limited Does Not Recommend Dividend
China Mengniu Dairy Company Limited announced that the Directors do not recommend the payment of an interim dividend for the six months ended June 30, 2011 (six months ended June 30, 2010: nil). Full Article
French food group Danone takes second chance with China Mengniu
HONG KONG - Danone Group has agreed to invest 325 million euros ($417 million) in two deals with China Mengniu Dairy Co Ltd , marking a comeback for the French group in China where scandals have hurt confidence in food safety.
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