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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.