Vinamilk acquired GTNFoods and its affiliates
Vietnam Dairy Products JSC (VNM VN), or Vinamilk, finished M&A transaction with GTNFoods JSC (GTN VN) in 2019 and has been stepping further with the acquisition of Moc Chau Milk (MCMilk) in 2020. These two M&A transactions broke silence of Vinamilk in M&A market since their latest acquiring of VietSugar (2017) and Driftwood (2013). Vinamilk is not a quick player in M&A market, but they are aggressive and good at timing in every single deal. Vinamilk has shown that their M&A transactions always deliver bearing fruit in terms of enhancing the profitability of both of parties. Thus, we think these recent M&A deals with GTNFoods group to provide Vinamilk not only extensive expansion tools used for market share but also intensive enhancement for their vertical value chain.
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