Bright Dairy to cede control of Synlait Milk in NZX listing

Mon, 13 May 2013

May 14 (BusinessDesk) - Chinese food giant Bright Dairy & Food will give up its controlling stake when local dairy processor Synlait Milk is listing on the stock exchange, retaining its stake without participating in the share sale. Shanghai-based Bright Dairy is expected to keep its investment, diluting its 51 percent stake into the 40s. Other shareholders will have the opportunity to sell some or all of their shares into the initial public offer, with any remaining stake subject to escrow arrangements. Bright Dairy emerged with a 51 perc...

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