Bega Shares Acquisition Puts Fonterra Firmly in Australia06 November 2013
NEW ZEALAND - Fonterra has joined in the consolidation of the Australian dairy industry in purchasing six per cent of dairy company, Bega Cheese Limited.
This is according to Fonterra Chief Executive Theo Spierings who stated that the A$46 million investment took the company into the hugely strategic Australian dairy market.
At a cost of A$4.95 for each one of the 9.3 million shares, the move will build on relationships already formed by Fonterra in the past.
Bega's brand is currently licensed by Fonterra, which owns a substantial supply contract for Bega cheese.
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.”
TheCattleSite News Desk