China Mengniu Dairy Co., the country’s largest dairy producer, posted profit that beat analyst estimates last year as Chinese demand rose for liquid milk and milk beverages. The stock surged the most in 10 months.
Mildewed feed given to cows caused excessive levels of a potentially cancer-causing agent in milk products from China Mengniu Dairy Co. and Fujian Changfu Dairy Industry Group Co., according to the nation’s quality regulator.
Groupe Lactalis SA, the maker of President brand cheeses, agreed to buy Indian dairy producer Tirumala Milk Products Pvt. from Carlyle Group LP and its owners, in its first acquisition in the South Asian nation.
Fonterra Cooperative Group Ltd. said the executive responsible for New Zealand milk products quit after a contamination scare that saw the world’s biggest dairy exporter facing product bans in China and other key markets.
Prices for nonfat-dry milk, the biggest U.S. dairy export, rose to a six-year high on increasing overseas demand at a time when Congress’s failure to extend an expired farm law leaves the threat of surging consumer costs.