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.”
'A lot of interest and positive responses' appears to be the way farmers are viewing the Government's initiative to hold a series of woolshed meetings around the country.
A Southland farming leader wants the regional council to delay a proposed regional rates hike, much of which is intended to fund flood protection works.
Rural Women New Zealand (RWNZ) says access to personal banking services in rural communities is fundamental to promoting outcomes that benefit Kiwi consumers.
A group set up to boost education and promotion of wool says it has made positive strides during the first year of its three-year strategy.
Meat processor ANZCO Foods says despite a challenging business environment, it has posted a net profit before tax of $61 million for 2023.
Horticulture NZ chief executive Nadine Tunley will step down in August.