Saputo pays $1.9b for Dairy Crest
Canadian dairy giant Saputo is continuing its global buying spree, stitching up a deal to buy the listed UK company Dairy Crest.
The UK’s competition watchdog has signalled it is likely to approve the sale of Dairy Crest’s loss-making milk operations to German yoghurt giant Müller.
The $190 million sale inched closer last week after the Competition and Markets Authority said a major obstacle to the sale has nearly been overcome. It said proposals by Müller to help ensure the sector remains competitive post-sale -- a major roadblock to completion -- were “appropriate to remedy” its competition concerns over the sale.
The regulator now “proposes to accept” Müller’s proposals, which paves the way for the deal to go ahead.
The sale would leave the UK market dominated by Müller Wiseman, Denmark’s Arla and the First Milk farmers’ cooperative.
Dairy Crest chief executive Mark Allensays it has always believed the sale of the dairies operations is good news for the whole UK dairy sector, now suffering low returns on dairy commodities.
“It will deliver economies of scale and cost efficiencies that will underpin investment and help the UK compete more successfully in global markets.”
The country’s 4200 commercial fruit and vegetable growers will vote from May 14 on a new HortNZ levy.
Meat processor Alliance Group is asking farmer shareholders to inject more capital in order to remain a 100% co-operative.
A vet is calling for all animals to be vaccinated against a new strain of leptospirosis (lepto) discovered on New Zealand dairy farms in recent years.
Dairy
Rural banker Rabobank is partnering with Food Rescue Kitchen on a new TV series which airs this weekend that aims to shine a light on the real and growing issues of food waste, food poverty and social isolation in New Zealand.
Telco infrastructure provider Chorus says that it believes all Kiwis – particularly those in the rural areas – need access to high-speed, reliable broadband.
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