Mengniu in $1 billion Bellamy bid

Chinese dairy giant aims to gain further access to lucrative overseas markets

China's dairy giant Mengniu announced on Monday it had made an acquisition offer to Australian infant formula producer Bellamy in a deal valued at $1 billion, to further penetrate the infant formula and food market while expanding its reach overseas.

Hong Kong-listed Mengniu said it proposed to acquire 100 percent of the issued share capital of Bellamy Australia Limited.