The world's fourth largest dairy company Danone is spending more money to spruce up its vegan dairy offerings in a bid to boost sales.
Danone currently has an indirect shareholding of about 30% in Yashili NZ.
The application was made by Danone Asia Pacific which is a wholly owned indirect subsidiary of global food and beverage company Danone SA. The French listed company has a 44% US public shareholding.
Yashili NZ operates a dairy production plant in Pokeno, Waikato. The OIO says the land is not considered sensitive under the Overseas Investment Act.
“The applicant has satisfied the OIO that the individuals who will control the investment have the relevant business experience and acumen and are of good character,” the OIO says in its decision.
“The applicant has also demonstrated financial commitment to the investment.”
Yashili NZ Dairy, a joint venture between Yashili and Mengnui established in 2012, has $220 million invested in its dairy plant in Pokeno. It has capacity to produce 52,000 tonnes a year of infant formula.