New Zealand dairy export heavyweight Fonterra (FCG.NZE) has purchased an 18.8% stake in mainland baby food and infant formula maker Beingmate Baby and Child Food (002570.SHE) at a cost of US$553 million to secure a foothold in the China dairy market, Reuters reported, citing a statement from Fonterra Chief Financial Officer Lukas Paravicini. China imports about a quarter of New Zealand’s total dairy exports to feed its demand for milk products, particularly formula. To learn more about how foreign firms first stoked demand in China for this largely unnecessary powder, see CER’s in-depth report.
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