Chinese food firm Delicious intends to acquire a 45 percent stake in Australian beef producer Yolarno Pty Ltd. for 140 million Australian dollars and become the latter's largest shareholder, Delicious said on late Wednesday. Delicious will set up a wholly-owned subsidiary in Australia to proceed with the deal, for which Delicious' shares on the Shenzhen bourse will remain suspended from trading.
Yolarno is a leading firm in beef production and sale in Australia. It reaped a net profit of 16.22 million Australian dollars in the fiscal 2014 and 25.34 million Australian dollars in the fiscal 2015. Through this acquisition, the Shandong province-based Delicious will open markets abroad and enter the high-end beef market, with a more extensive product range and mature business structure, the company said.
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