November 11, 2011
China's Sanyuan Food and Macrolink Real Estate would spend a total of RMB715 million (US$113 million) in the acquisition of Taizi Milk business units as part of the latter's restructuring efforts, according to a company filing released by Sanyuan Food.
In particular, Sanyuan Food would inject RMB225 million (US$35 million) to buy 60% stake in Hunan Taizi Milk Biological.
Macrolink Real Estate would acquire the remaining 40% stake in Hunan Taizi Milk Biological, as well as 100% stake in Hunan Taizi Milk Distribution and 100% stake in Zhuzhou Taizi Milk Biological.
Taizi Milk's assets were estimated at about RMB820 million (US$129 million). The dairy firm once owned three companies, namely Hunan Taizi Milk Biological, Hunan Taizi Milk Distribution, and Zhuzhou Taizi Milk Biological.
The company owned a total land area of 530,342 square metres, 3,338 units of equipment, and 422 trademarks and 27 patents.