Japan's Kirin Holdings Co has decided to sell its Australian dairy firm Lion-Dairy and Drinks Pty Ltd to Bega Cheese Ltd for more than 40 billion yen ($385 million), according to a report in the business daily, Nikkei.
The agreement comes after Kirin and China Mengniu Dairy Co said in August they had given up on a deal for Lion-Dairy worth $430 million, amid increasing Sino-Australian tensions.
The deal was expected to be announced soon, the Nikkei said, without citing its sources.
