Via the AFR:
Treasurer Josh Frydenberg secretly shunned the Foreign Investment Review Board and Treasury which advised him to approve China Mengniu Dairy Co’s proposed $600 million acquisition of Lion Dairy & Drinks, but he hasn’t publicly announced the rebuff.
As tensions flare over China’s threat to impose trade penalties on allegedly “dumped” Australian wine, The Australian Financial Review learned Mr Frydenberg’s officials earlier told the Chinese-backed bidder for the Australian-based, Japanese-owned dairy and drinks manufacturer he had no plans to approve the sale, nine months after the bid was launched.