China Mengniu Dairy is looking to rebuild its reputation and secure safe supplies of baby formula with a bid to buy Chinese milk powder producer Yashili International, in a deal that is worth HK$12.6bn ($1.6bn).
China’s efforts to secure safe food supplies and popular brands can be seen in several deals including Shanghui’s $4.7bn bid for Smithfield of the US and Yum Brands’ takeover last year of Weetabix.
Mengniu has been struggling to recover from a 2008 milk contamination scandal in China, when several companies were found to have sold baby milk tainted with poisonous chemicals.
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