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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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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Source: 9News https://www.9news.com.au/national/bega-brings-iconic-brands-back-into-australian-hands/a98a8d04-f2d6-4d0b-b1c2-6d82baf37d6a