Global alternative asset manager The Carlyle Group has agreed to sell its entire 24 percent stake in Yashili International Holdings, a Hong Kong-listed baby formula producer, for roughly HKD3 billion (approximately US$387 million) in a strategic sale to China Mengniu Dairy, a China-based milk producer. Yashili's controlling shareholder, Zhang International Investment, will accept a shares-and-cash combined offer and intends to retain a 10 percent stake. Mengniu’s total cash offer values the company at HKD12.46 billion (approximately US$1.6 billion).