An auction of the company at the centre of last year’s melamine dairy contamination has found a buyer, with Sanyuan buying Sanlu for 617 million yuan (A$145 million), China news agency Xinhua reported.
Beijing-based dairy producer Sanyuan Group won the bidding for all valid assets and stake ownership of Sanlu Dairy Group, which was declared bankrupt last month by a Chinese court.
The auction came after Tian Wenhua, the former Sanlu Chair, was jailed for life and fined $3.6 million for her role in the scandal, with three other former executives of the company also receiving jail terms.
About 300,000 infants fell ill and at least six died after consuming dairy products criminally contaminated by melamine in powdered milk.
Only Chinese companies without exposure to the tragedy were allowed to bid, with the battle between two bidders playing out for 15 minutes, Xinhua said.
A new era in food delivery is emerging, Rabobank report
A new era in food delivery is rapidly emerging says a new report from Rabobank.
Mondelez International no longer in pursuit of Hershey’s
Confectionery giant, Mondelez International, announced it has terminated discussions with The Hershe...
Scientist discovers “sixth taste”
A US scientist has found that ‘starchy’ could be a humans’ ‘sixth taste’, joining the likes of salty...
Yellow Tail wine makes successful Super Bowl ad debut
Australian wine brand, Yellow Tail, has made a successful debut today into Super Bowl advertising, p...
What could Amazon’s acquisition of Whole Foods mean for Australia?
Over the weekend, Amazon acquired Whole Foods, a premium American supermarket chain which only sells...
Oprah ventures into supermarket foods with Kraft Heinz
Oprah Winfrey is making her first foray into supermarket foods with help from Kraft Heinz.
Super-Size Me 2 takes on fast food industry again
Film maker, Morgan Spurlock, is releasing a follow up to his 2004 movie documentary on McDonald’s, S...
Demand from Asia for dairy snacks presents new opportunities
Demand for dairy snacks in Asia is higher than the global average demand new research data has revea...