China's Dabeinong scraps stake buy in animal feed peer
Dabeinong wanted a stake in Fujian Aonong BiologicalChina's Fujian Aonong Biological Technology said on Tuesday Dabeinong has scrapped plans to buy no less than a 51% stake in its controlling shareholder Xiamen Aonong investment., reported Reuters.
The move was due to "major changes" in the company such as equity freeze, Aonong said in a filing to Shanghai Stock Exchange.
Separately, Dabeinong will also scrap investment in Aonong Biological assets worth up to 600 million yuan ($83.97 million), according to the filing.
($1 = 7.1455 Chinese yuan renminbi)