EbenMagazine – AU – Bega Cheese buys Lion Dairy from Japan’s Kirin

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ASX-listed dairy company Bega Cheese will purchase Lion Dairy and Drinks from Kirin in Japan for $ 534 million.

After a week of trading freeze, Bega Cheese said the deal would be closed by January.

In November last year, Kirin closed a $ 600 million deal with the Chinese dairy company Mengniu. However, the deal was blocked by Treasurer Josh Frydenberg due to the national interest.

But now, Lion, the owner of Pura Milk, Dare Iced Coffee, Vitasoy, Yoplait Yogurt and Australia’s largest national cold chain network, will fall into Australian hands.

Nine media outlets reported that Bega received detailed financial information on Lion late last week, and talks between the two companies continued this week.

Bega Cheese, advised by Kidder Williams, was today hoping to raise $ 401 million by offering 87 million new shares to buy.

The new shares are priced at $ 4. They will be offered to the market at the value of 60 and 180 million, while existing shareholders will be provided with $ 220 million.

Existing shareholders who accept the offer to purchase additional shares can purchase one additional share for every four and a half shares they currently hold and cannot transfer this to another investor.

Bega Cheese sources fresh milk from suppliers in southern New South Wales and across northern and southwestern Victoria.

The acquisition of Lion adds farmers in Western Australia, South Australia, Tasmania and southeast Queensland.

Bega announced an opening price for Farmgate milk of $ 6. 75 kilograms per milk solids (kg / MS) while Victorian suppliers were offered $ 6 by Lion. 52 kg / MS.

Bega bought a number of Kraft productions from Mondelez International for $ 460 million in 2017, including Vegemite and Peanut Butter.

The company has since spent $ 15. 2 million in a legal dispute with Kraft from the USA that wants to prevent Bega from using the well-known jars and yellow lids that stand for Kraft products.

The Federal Court of Justice has sided with Bega Cheese on the matter, but Kraft-Heinz has decided to appeal the decision to the High Court of Australia.

A separate step by Bega to replace the Kraft logo with a Bega logo on glasses with peanut butter, macaroni cheese and similar products sparked a second legal dispute with the New Zealand milk giant Fonterra.

This service may contain material from Agence France-Presse (AFP), APTN, Reuters, AAP, CNN and the BBC World Service that is copyrighted and cannot be reproduced.

AEST = Australian Eastern Standard Time, 10 hours before GMT (Greenwich Mean Time)

Bega cheese, lion’s milk & drinks, dairy products, Kirin Holdings Company, lion

EbeneMagazine – AU – Bega cheese buys lion’s milk from Japan’s Kirin

Ref: https://www.abc.net.au

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