There's no end in sight to the fire sale of Australian and Australian-based companies to the Chinese. Japanese media reported the Lion Dairy and Drinks acquisition was done days ago, saying the price was more than 40 billion yen ($530 million), and speculation mounted when Bega Cheese went into a trading halt pending a capital raising. read more. "I truly believe our proposed acquisition will bring tremendous opportunity for the entire Australian dairy sector, opening up a channel to our home market in a very significant way. The Inner Mongolian-based Mengniu Dairy has promised to significantly increase raw milk purchases within Australia and to support high quality, value-added dairy production. Tasmanian independent MP Andrew Wilkie and Greens senator Peter Whish-Wilson expressed concern about the newly announced business deal. The new company was managed by Arthur Myers, Ehrenfried's nephew. ASX-listed dairy company Bega Cheese will purchase Lion Dairy and Drinks from Japan's Kirin for $534 million. Japanese brewer Kirin Holdings has reportedly entered into a deal to sell its Lion Dairy & Drinks subsidiary in Australia to local company Bega Cheese. Lion Dairy and Drinks operates 11 Australian manufacturing facilites and has another two with joint-venture partners. 1800 000 570. customersalesandservice@lionco.com. Lion and parent company, Kirin Holdings, reached an agreement with Mengniu Dairy to part with leading brands such as Dairy Farmers, Dare, Farmers Union, Pura, Berri, Daily Juice and The Juice Brothers. Senior analyst at Rabobank Michael Harvey believes the deal will be approved by Australian regulators. "It’s a win-win transaction for two leading dairy companies in Australia and China and represents a compelling opportunity for all stakeholders," he said. Bega Cheese Limited said it has entered into a binding share sale and purchase agreement to acquire all of the shares in Lion Dairy & Drinks from Japan’s Kirin Holdings for a net acquisition price of A$534m (US$393m). The Chinese government-owned food company COFCO holds about a 16 per cent stake in Mengniu, which itself is listed in Hong Kong. australian owned Bega Business Featured Bega Cheese has acquired Lion Dairy and Drinks for $534 million, returning iconic brands like Dairy Farmers, Farmers Union, Pura Milk, Big M and Yoplait to Australian ownership. Lion's Dairy Farmers, Pura Milk and Farmers Union Iced Coffee. In 2005 San Miguel acquired National Foods for $1.8 billion. X. X. X. X. Bega Cheese Executive Chairman Barry Irvin has told Brooke Corte it’s a very big deal. Saputo, the Canadian dairy giant, is no longer in the running after the three suitors tabled bids earlier this month to Lion Dairy & Drinks' owner Kirin Holdings, the newspaper reported. The Best of 4BC Breakfast with Neil Breen, The Ray Hadley Morning Show with Mark Levy – Full Show, December 24th, The Ray Hadley Morning Show with Mark Levy – Highlights, December 24th, Summer Breakfast with Scott Emerson on 4BC – Full Show 241220, Overnight with Clinton Maynard: 24th December, Wake Up Australia with Clinton Maynard: 24th December. 'No red flags': Tick tipped for $600m China drink deal despite push back. You can now log in once to listen live, watch live, join competitions, enjoy exclusive 4BC content and other benefits. It will undertake a $401 million capital raise with the deal expected to be completed by the end of January. "It's hard to see them (ACCC) having any issue just because it's not a consolidation of retail shelf space or milk collection, or anything like that ... there's no red flags," he said. Mengniu Dairy will acquire Melbourne-based dairy company Lion Dairy & Drinks, which sells Big M, Dairy Farmers and Dare products. The sale includes all white milk, milk-based beverages, yoghurt, juice and water ice brands and assets. The Lion brands in the dairy and drinks division include Dairy Farmers, Masters and Pura milk, Dare and Farmers Union iced coffee, Big M, Vitasoy soy milk and coconut milk … The issue here is the increasing concentration of control of Australia's leading brands ... in the hands of a single country where all business enterprises have obligations to the central government," Mr Wilkie said. More than a year after Lion announced plans to sell its Dairy & Drinks business, a deal has been done with China Mengniu Dairy Company for $600 million. Bega's big cheese has Aussie dairy ownership plans on world stage ... its $534 million takeover of national processor Lion Dairy and Drinks. Bega Cheese has agreed to acquire Australian Lion Dairy & Drinks from Kirin Holdings for AUD 560 million ($412 million), taking ownership of brands such as Dairy Farmers and Pura. 25 November 2019: Lion CEO Stuart Irvine today announced that Kirin Holdings and Lion have reached an agreement to sell the Lion Dairy & Drinks business to the China Mengniu Dairy Company Limited (Mengniu Dairy) for AUD $600 million. The sale of the Lion Dairy and Drinks business to ASX-listed food and dairy company, Bega Cheese, has been well received by the company’s largest supplier group, Dairy Farmers Milk Cooperative (DFMC). The owner of Farmers Union Iced Coffee and a swag of other key local brands has pulled the plug on a deal that would have seen the Japanese company’s wholly-owned Australian dairy firm Lion Dairy & Drinks sold to a Chinese firm. In September Lion won approval from the Australian Competition and Consumer Commission to sell its King Island specialty cheese division to big Canadian-owned dairy processor, Saputo Australia for about $280m. The news was broke by Japanese news site Nikkei Asia which valued the deal at 40 billion yen (AU$527 million), reporting an official announcement is … "Bringing the businesses together will help drive Mengniu Dairy’s growth in the Australian domestic market, while also accelerating Dairy & Drinks’ aspirations in south-east Asia and China," he said. There are some important differences between Bellamy's and Lion Dairy & Drinks (D&D) that will be considered by FIRB. It will undertake a $401 million capital raise with the deal expected to be completed by the end of January. Lion Dairy & Drinks has announced its minimum pricing for its direct milk suppliers across key Australian dairying regions for the 2020/2021 milk season. That's just going to take supply off the market," Senator Whish-Wilson said. Canadian dairy conglomerate Saputo and financial firm Tanarra Capital were also bidders until recently. Order products and manage your account online. Owners approached the Mengniu Dairy ahead of the sale, they said in a statement Monday. Co-operative chairman and Gympie dairy farmer, Andrew Burnett said the iconic Dairy Farmers brand is now back in Australian ownership. The stories have included claims that a Chinese espionage ring attempted to install an agent for Beijing in a seat in Federal Parliament. Hot on the heels of getting a green light to buy Bellamy's Organic for $1.5 billion, China Mengniu Dairy Company has struck a deal to buy Lion's dairy and drinks business for $600 million. Mengniu, one of the world's biggest dairy companies, will acquire major Australian brands including Big M, Dairy Farmers, Pura, Berri and Daily Juice under the deal. The original forerunner of the company was Brown Campbell & Co, the company of Logan Campbell and William Brown who established the Hobson Bridge Brewery in Auckland in 1840. Bega Cheese has bought Lion Dairy and Drinks in a $534 million deal that will see it become the new owner of brands such as Farmers Union, Yoplait and Dairy Farmers milk. Lion Dairy & Drinks Portal. Lion, which has been on the market for more than 12 months, also owns a beer business that makes Little Creatures, James Squire and Tooheys. An easy and convenient way to place your orders online Sign in. China’s Mengniu Dairy had offered $600 million to buy Lion Dairy and Drinks but the deal was rejected by the Federal Government and deemed not in the national interest. See our privacy policy for more information. Lion brands also include Yoplait yoghurt, Vitasoy, Pura and Farmers Union. National Foods board unanimously accepted the San Miguel Corporation offer. The purchase was confirmed on Thursday, with the net cost totalling $534 million. Customer Sales and Service. PRINT THIS PAGE. The sale includes all white milk, milk-based beverages, yoghurt, juice and water ice brands and assets. The Me… While Lion is a significant player in the dairy sector, it processes less milk than Saputo and Fonterra, which are also foreign-owned. If the Mengniu/Lion deal is approved, as a leading dairy industry analyst predicts, it would close Lion's lengthy bid to sell its dairy and drinks business, first announced last year. Lion Dairy and Drinks operates 11 Australian manufacturing facilites and has another two with joint-venture partners. 75,000 tonnes of fruit from orchards across the country. The purchase will be completed by the end of January 2021. That deal wrapped up last month. The sale of Lion Dairy and Drinks is entering the home straight. Lion D&D Customer Service. Username. Mengniu is proposing to acquire Lion D&D’s raw milk processing facilities in Australia, two of which are located in Chelsea and Morwell in Victoria. This story Lion sells off specialty cheese business for $280 million first appeared on The Advocate. 1:34pm Nov 26, 2020. The ACCC will not oppose the proposed acquisition of Lion Dairy & Drinks Pty Ltd (Lion D&D) by China Mengniu Dairy Company Ltd (Mengniu) after closely considering the potential impact on competition. The net acquisition price is $534 after a $26 million deduction for IT separation costs. Dear CCI Member, Lion Dairy & Drinks Business Sale Update . By 1897 it was the largest brewery in the North Island if not the country. 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