bn investment: Following the money where China's 40bn investment in Australia is going Greg Jericho Read more That drove an explosion in the export of Australian formula through the grey-market daigou, or personal shopper, channel, according to The Guardian. But Bellamy's efforts to develop a direct export market in China have been hampered by the Chinese authorities, which temporarily banned Bellamy's products in 2017 and have yet to approve the company's application to restart direct sales. The 1.5bn takeover bid, lodged by Hong Kong-listed China Mengniu Dairy Company, has drawn fire from Tasmanian independent Andrew Wilkie because one of Mengniu's key shareholders is a company owned by the Chinese state, the China National Cereals, Oils and Foodstuffs Corporation Cofco . Bellamy's success has been driven by the immense popularity of Australian infant formula in mainland China following a scandal in 2008 in which the local product was adulterated with melamine, killing several children and sending several thousand to hospital. The company's shares soared by more than 50% when the takeover proposal was unveiled on Monday, and on Tuesday afternoon were changing hands for about 12.95. Sign up to receive the top stories from Guardian Australia every morning Cameron initially denied any association with Black Prince, but following inquiries from Bellamy's in January 2017 the foundation told the stock exchange there was an expectation it would act in accordance with the wishes of the Elsie Cameron Foundation as expressed by the directors of its trustee being Jan Cameron and an associate of hers, the lawyer Rodd Peters. Almost 12% of the company's shares are held by the Black Prince Private Foundation, an entity associated with Cameron and registered in Cura ao, a former Dutch colony off the coast of Venezuela best known for its citrus-flavoured spirits.
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Tagged under bn investment, grey-market daigou topics.