Mengniu secures supply with Modern Dairy buy

Chinese dairy giant processor Mengniu has paid HK$3.18 billion (€312 million) for a 26.92% share of China Modern Dairy Holdings, the country’s largest producer of raw milk. Mengniu says it will secure a long-term supply of quality raw milk with the purchase. However, Mengniu has also said it does not plan to increase the share in the near future. Mengniu is the larger producer of drinking milk in China.