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Carlyle joins rivals in China dairy

Private equity giant Carlyle said it had bought a minority stake in Yashili to help the leading Chinese infant formula maker improve its research and production. Washington-based Carlyle obtained a 17.3 per cent stake in Yashili, according to a statement. Carlyle’s deal came after rivals including Kohlberg Kravis Roberts and Sequoia Capital invested more than $1bn (£614m) combined in China’s domestic dairy industry, which was badly hit by a food-safety scandal last year.