The New Zealand-based dairy co-operative and Chinese infant food manufacturer Beingmate flagged a deal in August 2014.
China’s Ministry of Commerce has now granted anti-trust and strategic foreign investment approval for the proposed partnership.
Fonterra says the partnership is geared to meeting China’s growing demand for infant formula and boosting the company’s exports in the country.
Further regulatory approvals are required before Fonterra proceeds to the next stage to gain up to 20 per cent of Beingmate.
Source: Finance News Network
