Fonterra joins battle in Aussie dairy consolidation, builds stake in Bega

Thu, 31 Oct 2013

By Paul McBeth Nov. 1 (BusinessDesk) - Fonterra Cooperative Group, the world’s biggest dairy exporter, has built a 6 percent stake in ASX-listed Bega Cheese, signalling its support for a complex battle for control of third tier players in the Australian dairy industry as it rationalises. Fonterra already licenses the Bega brand and has a cheese supply contract with the Australian company. It has bought 9.3 million shares at A$4.95 apiece for a total of A$46 million, it said in a statement. That’s a 12 percent premium to Bega’s closing share p...

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