Shanghai Industrial Holdings Ltd has agreed to pay 477 million yuan (US$64.4 million) to acquire another 10 percent in China Bright Dairy & Food Co Ltd.
Shanghai Industrial will buy the share from Danone Asia Pte Ltd and lift its total share in the nation's third-largest dairy maker to 35 percent, the company said in its statement filed to the Hong Kong stock exchange yesterday.
After the sale, Shanghai Industrial and Shanghai Dairy Group will both own 35-percent stakes in China Bright.
The move came one month after Danone announced plans to pull back from China Bright as earlier proposals to increase its stake in the firm were less likely to be approved.