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COFCO raises stake in Mengniu Dairy

Jan. 6, 2012 (China Knowledge) - China's state-owned COFCO Corp, a leading grain, oil and foodstuff import and export group in the country, has raised its stake in China Mengniu Dairy Co<2319> to 28.09% from the previous 27.96%, according to a filing with the Hong Kong Stock Exchange.

On December 30, COFCO, the controlling shareholder, bought 2.2 million shares of Mengniu Dairy, the nation's biggest dairy maker, for a total of HK$41.12 million. The average price of the transaction was HK$18.69 apiece.

The stake hike came after China’s General Administration of Quality Supervision, Inspection and Quarantine found excessive levels of flavacin M1 in one batch of milk products produced by China Mengniu.

The Chinese dairy producer said that moldy feed given to cows resulted in excessive levels of the toxin in its milk.

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