Dairy and beef processor Beston Global Food Company fears its China-based minority shareholders are trying to seize control of the South Australian business by stealth.
On the eve of the company trying to finalise a $15.6 million capital raising to pay for a big upgrade to its lactoferrin production plant, an ongoing tactical tussle with key Chinese investors has seen Beston referred to the Australian Government’s Takeovers Panel.
Chinese groups apparently want at least two candidates on its board.
Various Chinese shareholders are estimated to hold a combined stake in Beston totalling almost 30 per cent, including two foundation investment groups which initially promoted plans to connect the company’s food sales to retail networks in China…
