I'd imagine it has something to do with the now binding agreements, immediately into production coupled with the 2017 production target and how much milk is currently sold for in China (which yes, will get cheaper with greater supply).
On the face of it doesn't seem too expensive yet. Although I am wary of new 'buzz' words, I think this business may actually be feasible and have legs in the LT compared to many other acquisitions that seem to fizzle and disappear....
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