{"id":292835,"date":"2021-01-25T14:56:18","date_gmt":"2021-01-25T04:56:18","guid":{"rendered":"https:\/\/southburnett.com.au\/news2\/?p=292835"},"modified":"2021-01-25T15:16:17","modified_gmt":"2021-01-25T05:16:17","slug":"bega-confirms-534m-purchase","status":"publish","type":"post","link":"https:\/\/southburnett.com.au\/news2\/2021\/01\/25\/bega-confirms-534m-purchase\/","title":{"rendered":"Bega Confirms $534m Purchase"},"content":{"rendered":"
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Bega Cheese chairman Barry Irvin<\/figcaption><\/figure>\n

January 25, 2021<\/strong><\/p>\n

Bega Cheese Limited – owners of the Peanut Company of Australia – have confirmed its acquisition of Lion Dairy & Drinks is now complete.<\/p>\n

Bega announced in November it had agreed\u00a0to buy the dairy and drinks assets of Lion for $534 million.<\/p>\n

Lion Dairy & Drinks manufactures, markets, distributes and sells some of Australia\u2019s best-known dairy brands.<\/p>\n

Its core business is milk-based beverages, yoghurt, chilled juices, cream and custard, and white milk.<\/p>\n

Lion Dairy also owns Australia\u2019s largest national cold chain distribution network supplying food service and convenience stores.<\/p>\n

In a statement to the ASX on Monday, Bega chairman Barry Irvin said it was a significant day in the history of the company.<\/strong><\/p>\n

“The acquisition of Lion Dairy & Drinks doubles the size of the company with revenue of $3 billion and brings together great brands including Bega Cheese, Vegemite, Dare, Farmers Union, Dairy Farmers, Yoplait, B honey, Big M, Masters, Juice Brothers and Berri,” he said.<\/p>\n

“This goal of creating a great Australian food company with the capacity to service our customers in Australia and around the world took a major step forward today.”<\/p>\n

In 2019 Lion \u2013 which is owned by the Japanese brewer Kirin \u2013 tried to sell its Dairy & Drinks business to China Mengniu Dairy for $600 million.<\/p>\n

The Foreign Investment Review Board approved the sale but the deal collapsed after\u00a0Treasurer Josh Frydenberg said the investment would be \u201ccontrary to the national interest\u201d.<\/p>\n

Lion maintains a large portfolio of beer brands in Australia, including XXXX, Tooheys and West End.<\/p>\n