date:Nov 27, 2013
Fitch Ratings says it expects further consolidation - both horizontally and vertically - in China's dairy industry, although acquirers might face higher pricing and execution risks as the number of quality targets shrink. Dairy companies will be driven to consolidate by higher demand, tighter raw material supply and stiffer competition.
Restructuring in the industry was initially spurred by a series of food safety breakdowns, including a highly publicized incident in 2008 in which several babi