Josh coshes China takeover

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Juliar
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Joined: Wed Dec 28, 2016 10:56 am

Josh coshes China takeover

Post by Juliar » Fri Sep 04, 2020 10:09 am

While the Unions and the Labor Party are happy to get Chinese bribes Josh quickly blocks opportunistic foreign takeovers in Australia.



Payback time for China! CHINA’S $600M LION DAIRY TAKEOVER REJECTED BY FEDERAL GOVERNMENT IN PAYBACK
August 24, 2020

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The Treasurer Josh Frydenberg has made a popular move to protect Australia’s national interest and reject the Chinese purchase of Lion’s drinks.

Is this an opportunity for an Australian owned company to stand up and buy the Lion drinks business?

Despite the Foreign Investment Review Board (FIRB) being comfortable with Mengniu Dairy’s latest deal has been rejected in light of “diplomatic issues” currently at play where China is attacking Australian exports.

The $600 million Lion dairy business sale seemed like a done deal but with political and trade relations straining over Chinese threats to impose more export penalties on Australian agricultural and food products with the latest the wine industry exports.

Mengniu is an Inner Mongolian-based, Hong Kong-listed company that already owns a bunch of Australian businesses including Bellamy’s Organic dairy formula business, that is paid $1.5 billion for, and is indirectly a major stakeholder in milk processor Burra Foods.

In February the Australian Competition and Consumer Commission gave its approval of the purchase.

Japanese owned Lion owns two milk plants at Chelsea and Morwell in Gippsland, while Burra Foods has a milk processing plant at Korumburra.

This was one of many recently Chinese purchases including Van Diemen’s Land Company was Australia’s oldest and largest dairy farming company when it was acquired by the Chinese investment company Moon Lake for $280 million in 2016.


As tensions flare over China’s threat to impose trade penalties on allegedly “dumped” Australian wine Mr Frydenberg’s officials earlier told the Chinese-backed bidder he had no plans to approve the sale nine months after the bid was launched.

Treasurer Josh Frydenberg has introduced the temporary zero dollar threshold test for all deals and this is one of the first to be rejected.

The deadline for government decision-making on transactions has been extended from 30 days to up to six months.

All mergers and acquisitions, equity capital raisings and commercial property leases beyond five years with a foreign investor involved now require approval from the FIRB and the Treasurer.

Previously, the general threshold for FIRB scrutiny was $275 million or $1.2 billion for free-trade agreement partner countries in non-sensitive businesses.

The temporary change was rushed through by Mr Frydenberg at the peak of panic about COVID-19 in late March to stop opportunistic foreign buyers – from China and elsewhere – seizing on financially distressed local assets and to safeguard the national interest.

https://buyausmag.com.au/chinas-600m-li ... n-payback/

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Black Orchid
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Re: Josh coshes China takeover

Post by Black Orchid » Fri Sep 04, 2020 10:21 am

Treasurer Josh Frydenberg has introduced the temporary zero dollar threshold test for all deals and this is one of the first to be rejected.

Good move but it needs to be more than temporary!

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Redneck
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Re: Josh coshes China takeover

Post by Redneck » Fri Sep 04, 2020 12:48 pm

Good move I agree, dont let them buy into anything Australian and take back whatever we can!

Darwin port is a good place to start!

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billy the kid
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Re: Josh coshes China takeover

Post by billy the kid » Fri Sep 04, 2020 1:18 pm

Isnt it strange that these political grubs suddenly gain a huge amount of mileage by
announcing to the peasants that they are going to "protect" Australian interests and commence
to veto deals with overseas countries.
This is laughable.
In 2017 Turdbull banned overseas political donations and announced a new public register
for anyone working on behalf of other nations to influence Australian politics.
In 2016 Morrison announced a tightening of Australias foreign investment rules in the
wake of the controversial lease/sale of the Port of Darwin to a Chinese company.
This political bullshit protecting Australias interests has been going on for years.
The only reason this crap is re-surfacing at this point in time is political grandstanding
to divert attention away from Morrisons pathetic response to the conjob19 plandemic
in the aged care sector.
People need to remember that almost all the conjob19 deaths in Australia have been
in aged care facilities, therefore Morrison needs this "protection of Australias interests"
crap as a smokescreen.
Australias trade war with China has well and truly begun...
Overseas trade with China is fucked.
This is just a political smokescreen to imply that the Morrison grubberment is
doing a fantastic job...
WELL...it aint....
They poked the CCP bear and look what happened....
Remember the Morrison grubberment stuck its snout in and wanted an inquiry
into the China virus....
Naivety at its worst...
China says "get fucked Australia"
AND now Morrison and his cronies run around like headless chooks shitcanning
Andrews....once again as a political smokescreen....
AND you muppets swallow the whole lot.....
Laughable.....
BTW Juliar, you fuckwit.....dots represent a pause...thats all....a pause...
If you dont like my posts....fuck off.... :rofl :rofl :rofl
To discover those who rule over you, first discover those who you cannot criticize...Voltaire
Its coming...the rest of the world versus islam....or is it here already...

Juliar
Posts: 1355
Joined: Wed Dec 28, 2016 10:56 am

Re: Josh coshes China takeover

Post by Juliar » Fri Sep 04, 2020 1:34 pm

The Merchant of DOOM with the neurotic dots is forecasting tempests and tornadoes as the wrath of God is released!!!!!

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