China Approves Bright Food’s Tnuva Acquisition

Israel's dairy giant Tnuva is valued at about 8.6 billion shekels ($2.1 billion).

Send in e-mailSend in e-mail
Send in e-mailSend in e-mail
Tnuva milk cartons
Tnuva milk cartonsCredit: Dan Keinan

China’s Bright Food is expected to complete its purchases of Israel’s Tnuva by March 30, after receiving final approvals from the Chinese authorities, TheMarker has learned.

The Chinese company on Monday informed Tnuva’s controlling shareholders, the British buyout fund Apax Partners and Mivtach Shamir Holdings, it had received all the necessary approvals for the acquisition, which value Tnuva at about 8.6 billion shekels ($2.1 billion).

Apax, which has a 56.7% stake in the dairy company, will have earned about $1 billion from the sale, not counting dividend Tnuva paid it over the year, all free of Israeli tax. Mivtah Shamir, which holds a 21% stake, will earn about 1.2 billion shekels.

Apax declined to comment on the report.

Click the alert icon to follow topics:

SUBSCRIBERS JOIN THE CONVERSATION FASTER

Automatic approval of subscriber comments.

$1 for the first month

SUBSCRIBE
Already signed up? LOG IN

Touro Synagogue, Newport, Rhode Island

Inside the Fierce Battle Over America's Oldest Synagogue

Protesters demonstrating in front of the consulate general of Israel in New York last year.

Huge Gap Between Young, Old Americans' View on Israel-Palestine

Rep. Henry Cuellar attends a campaign event on Wednesday, in San Antonio, Texas.

AIPAC-backed Dem Declares Victory Against Progressive Challenger in Texas Runoff

Iranian President Ebrahim Raisi and Atomic Energy Organization of Iran chief Mohammad Eslami at an event for Nuclear Technology Day in Tehran, last month.

Prospects for Reviving Iran Nuclear Deal 'Tenuous' at Best, U.S. Envoy Says

A family grieves outside the SSGT Willie de Leon Civic Center following the mass shooting at Robb Elementary School in Uvalde, Texas on Wednesday.

Israeli PM Offers Condolences After Texas Gunman Kills 21 at Elementary School

U.S. President Joe Biden, this week.

Biden Decides to Keep Iran's Revolutionary Guards on Terror List, Says Report