The Foreign Investment Review Board is facing pressure from independent MP Andrew Wilkie to reject a Chinese dairy giant’s bid for Lion’s dairy and drinks business after the competition watchdog gave the $600 million offer the greenlight.

The Australian Competition and Consumer Commission’s (ACCC) decision not to oppose the deal between China Mengniu Dairy Company and Lion was criticised by Mr Wilkie, who said Australians were concerned about foreign ownership of ‘‘leading brands’’ and strategic assets.

China Mengniu Dairy Company is poised to acquire Lion's dairy and drinks business. Credit:Paul Harris

"Australians are also concerned with the Chinese in particular and their disproportionate involvement in the Australian dairy industry. Clearly it is undesirable that the supply and price of dairy products in Australia is increasingly at the mercy of companies under obligations to the Chinese government," he said.

Mengniu would acquire big-name Australian dairy and juice brands including Dairy Farmers, Big M, Pura, Daily Juice and Berri under the proposed deal, which still needs FIRB approval.