Inner Mongolia Yili Industrial Group Co. Ltd. has completed its acquisition of New Zealand-based Westland Co-operative Dairy Co. Ltd. after it gained approval from New Zealand's Overseas Investment Office and the New Zealand High Court, food industry website Just Food reported Aug. 1, citing a regulatory filing.
The filing did not include financial details, Just Food reported. In March, however, Westland announced that it agreed to sell itself to China's Yili for NZ$588 million (US$402.7 million).
Under the deal, Westland's shareholder farmers will also receive a 10-year guaranteed competitive milk payout, plus guarantees that all milk would be collected, according to the Just Food report.
Yili Group CEO Jianqiu Zhang said that his company has pledged to pay competitive farm gate prices to ensure a continuous supply, according to the report.