China's Yili to buy Oceania Dairy in $214 mln spend-up on infant formula plant

China's Yili to buy Oceania Dairy in $214 mln spend-up on infant formula plant
By Paul McBeth Dec. 27 (BusinessDesk) - Chinese dairy firm Inner Mongolia Yili Industrial Group plans to spend $214 million building an infant formula plant in South Canterbury in a deal that will see it take over Oceania Dairy Group. Yili will acquire Oceania to access its land resource consents to build a plant over 38 hectares in South Canterbury, according to a notice on the Shanghai Stock Exchange on Dec. 18. The Chinese firm said it's attracted by New Zealand's relatively cheap raw milk and the prospect of the free-trade agreement with...