Friday, 01 November 2013 09:21

Fonterra acquires stake in Australia’s Bega Cheese

Written by Pamela Tipa

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FONTERRA HAS BOUGHT a 6% stake in Australian dairy company Bega Cheese Ltd for AUS$46 million (NZ$52m).

The 9.3 million shares were purchased at Aus$4.95 per share.

Fonterra chief executive Theo Spierings says: "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."

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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