In the days after Bellamy’s Australia admitted in a vaguely worded statement to problems in China, the infant formula maker hurriedly established a war room in the Melbourne offices of law firm Herbert Smith Freehills.
The company’s “business update” delivered on December 2 last year had wiped $500 million from its sharemarket value and as its problems grew, so too did those around the war room table on level 43 of 101 Collins Street.
What started out as a temporary office for out-of-town Bellamy’s directors Patria Mann and Michael Wadley soon became a critical command post with just one mission to save the company.
“Nobody really knows how close it went to going under,” says one person involved.
The abrupt decline was all the more …
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