Chinese want Bellamy's
Tasmanian based Bellamy's is set to fall into Chinese ownership.
Mengniu Dairy has pitched a $1.5 billion dollar takeover of the baby formula producer, and Bellamy's board is keen.
The Chinese company is offering a handsome $13.25 per share for the stock, well above the company's $8.32 it closed at last week. A short while ago the share price had leapt to $12.90 (12pm Monday).
The buy out is thought to have only hatched a few weeks ago after Bellamy's announced a plummeting profit result.
Bellamy's boss Andrew Cohen describes the deal as providing growth opportunities in Australia's organic dairy and food industry.