FCG
01/11/2013 08:30
ASSET
REL: 0830 HRS Fonterra Co-operative Group Limited
ASSET: FCG: Fonterra Acquires Stake in Bega Cheese Ltd
Fonterra Co-operative Group Limited has acquired a 6 per cent shareholding in
Australian dairy company Bega Cheese Limited.
The 9.3 million shares were purchased at AUD4.95 per share for a total cost
of AUD46 million.
Fonterra Chief Executive Theo Spierings said, "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," said Mr Spierings.
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.
End CA:00243191 For:FCG Type:ASSET Time:2013-11-01 08:30:09
Price at posting:
$6.90 Sentiment: None Disclosure: Held
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