"It is imperative that you and your government,when considering foreign investment,ensure the integrity of Australia's market-based system,and that you ensure that investments made by Australian shareholders are not undermined by foreign interests seeking to manipulate Australia's market-based system,"Senator Whish-Wilson said.
Bellamy's board of directors have unanimously backed the bid,and recommended that Bellamy's shareholders vote in favour of it,in the absence of a superior proposal and subject to an independent expert's assessment.
In a statement,Mr Frydenberg described foreign investment as"an important contributor to Australia's economy and standard of living".
"Australia maintains a non-discriminatory,case-by-case approach to considering foreign investment proposals. The government does not comment on specific foreign investment matters,"he said.
Meanwhile,analysts from a Hong Kong firm believe the proposed takeover by Mengniu would"speed up"the Australian infant formula company's much-needed regulatory approval.
The Huatai Financial Holdings analysts painted the deal as a good fit for Mengniu,adding that Bellamy's was superior to another business that Mengniu had sold.
"Bellamy's has better growth potential than Junlebao as Mengniu will help the brand to accelerate infant milk formula registration and channel expansion in China,"they wrote.
It is imperative that you and your government,when considering foreign investment,ensure the integrity of Australia's market-based system.
Greens Senator Peter Whish-Wilson
The controversy surrounding the acquisition has been absent in Chinese media reports. Some local media articles merely mentioned that the deal had to pass through"Australian courts and regulatory systems"and some did not mention that any reviews were needed.
An article by China Business Network,part of the government-owned Shanghai Media group,said:"For Bellamy's,Mengniu's olive branch is undoubtedly"their last hope". The article also claimed that the once-thriving brand was"currently on a substantial downward spiral".
An article by the Beijing Business Daily,quoting an industry expert,said:"A decrease has appeared in Bellamy's trajectory,and right now Mengniu is helping lift it out of trouble,and allowing Bellamy to rapidly receive the Chinese formula registration,and avoid policy risk."
Beijing Times,which is owned byPeople's Daily which is an official paper of the government,claimed 70 per cent of Bellamy's revenue came from China,either directly or indirectly,and detailed how Bellamy's tried to sign agreements with Camperdown and Viplus to try to enter the Chinese market.
"From the five perspectives of policy,capital,industry,channel and consumer,Australia's regulators and the company's shareholders should all be very willing to push to finalise this deal. After all,Australia is also encouraging businesses to step outside,engage in more market expansion and capital operations,"the article said.
Shares in Bellamy's rose 1.1 per cent on Tuesday to close at $13.03,it's highest closing price since July 2018.