Friday, 01 November 2013 09:21

Fonterra acquires stake in Australia’s Bega Cheese

Written by 

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.

More like this

Featured

Farmers will adapt amid global trade turmoil

New tariffs imposed by President Donald Trump signal an uncertain future, but New Zealand farmers know how to adapt to changing conditions, says Auriga Martin, chief executive of Farm Focus.

National

Machinery & Products

Alpego eyes electric power harrow

Distributed by OriginAg in New Zealand, Italian manufacturer Alpego recently showed its three metre Alysium electric power harrow at the…

» Latest Print Issues Online

The Hound

Dodgy!

OPINION: If you believe Maori Party president John Tamihere’s claim that “nothing dodgy” occurred at Manurewa Marae during the last…

» Connect with Rural News

» eNewsletter

Subscribe to our weekly newsletter