Bega's $530m deal brings iconic brands back into Australian hands
Some of the nation's most iconic food brands, such as Big M and Pura, are back in Australian hands after Bega cheese closed a $534 million deal.
The deal sees Bega Cheese finalising the acquisition of the Lion Dairy & Drinks business, which includes the brands Dairy Farmers, Dare, Pura, Farmers Union, Masters, Big M, Daily Juice, The Juice Brothers and Berri.
Bega signed the deal after a Chinese firm, Mengniu Dairy Company, withdrew its bid after relations between Canberra and Beijing deteriorated last year.
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Some of the brands which have been bought by Bega Cheese after it finalised the acquisition of the Lion Dairy & Drinks business. Supplied
According to reports, Bega's price was almost $70 million less than Mengniu was going to pay.
"We are delighted to return these iconic brands to Australian hands," Bega Cheese's executive chairman Barry Irvin said.
He called it a "great moment" for Bega.
The acquisition of Lion Dairy & Drinks doubled the size of the company, Mr Irvin said.
In 2017 Bega purchased Vegemite, in another high-profile acquisition.
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