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Fonterra Acquires Stake in Bega Cheese Ltd
Fonterra Acquires Stake in Bega Cheese
Ltd
Fonterra Co-operative Group Limited has acquired a 6 per cent shareholding in Australian dairy company Bega Cheese Limited.
The 9.3 million shares were purchased at AUD4.95 per share for a total cost of AUD46 million.
Fonterra Chief Executive Theo Spierings said, “Australia is an important market for Fonterra, and we are committed to growing our already strong presence.
“There has recently been a lot of consolidation activity in the Australian dairy industry. It is important that Fonterra participates, and we have confidence in Bega and the strategy it is pursuing,” said Mr Spierings.
Judith Swales, Managing Director, Fonterra Australia said, “We have a longstanding partnership with Bega, and we look forward to continuing to build on that relationship into the future.”
Fonterra currently licenses the Bega brand from Bega and has a substantial supply contract for cheese.
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