creates a new sizeable force in Australian food manufacturing but it rubs a $66 million dose of fresh salt into our wounded relationship with China.
Kirin said in August when it became clear that China would not receive a Foreign Investment Review Board tick that it was disappointed with the outcome which effectively forced it back to the drawing board.Further fermenting discord with China would be reports that FIRB and Treasury had approved Mengnui’s November 2019 offer but seven months later Frydenberg had overruled both on national interest grounds.
With Mengnui out of the race, the auction for Lion’s formidable portfolio of dairy and juice brands was highly contested. Over the past few weeks Bega saw off Canadian dairy giant Saputo and alternate asset managerThe outcome, which cements an Australian company’s control of a large slice of food manufacturing, certainly plays well into Prime Minister Scott Morrison’s post COVID desire for increased local food production.
Bega’s winning offer has catapulted the company into the big food league. Its existing stable of goods included its traditional cheese products for which it is best known, alongside Peanut butter and vegemite plus numerous dips, dressing and mayonnaise. Bega has bought revenue of $1.6 billion and earnings before interest tax depreciation and amortisation of $56 million - and that’s not counting the synergies. In doing so it will create a company with $3 billion in revenue and one with more heft to negotiate with the major supermarket chains that have extensive house brands products competing in many these categories.
EKnightOfficial Who cares about China and what they think about US protecting OUR products and Industries.
EKnightOfficial I’m sorry but I don’t give a shit about Chinese government feelings. This is in our national interest and I’m thrilled we have finally woken up to the sell off our assets to foreign powers
EKnightOfficial Who cares about China.
EKnightOfficial The creeps in Govt go on about New World Order & Great Reset, here's one, we need a NWO & Great Reset on ethics, slavery & China's human rights abuse of Christians & Muslims, so ausbiz & ScoMo must pay attention and cut ties with China on all levels... & cancel VIC Belt&Road.
EKnightOfficial Bega now the Big Cheese in Australian food & drinks.
severs_jeanette EKnightOfficial salt - cheese 😊 tasty!
EKnightOfficial Hah! Finally we hit back. You neva gonna get our dairy again! Buy your own cows