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China Mengniu's A$1.46B purchase of Bellamy's gets court approval

China Mengniu Dairy Co. Ltd.'s proposal to acquire infant-formula and baby-food maker Bellamy's Australia Ltd. has been cleared by the Supreme Court of New South Wales in Australia, according to a Dec. 9 filing to the Australian Stock Exchange.

Under the deal announced in September, China Mengniu will buy Bellamy's shares for A$12.65 each. Bellamy's shareholders as of Dec. 17 will also receive a fully franked special dividend of 60 Australian cents per share.

The court's approval came after the majority of Bellamy's shareholders voted to approve the proposed sale to China Mengniu on Dec. 5.