nterra, has acquired a six percent share of Bega Cheese Limited. The 9.3 million shares were purchased at $4.95 per share for a total $46 million.Fonterra chief executive, Theo Spierings said, "Australia is an important market for Fonterra, and we are committed to growing our already strong presence.
"There has recently been a lot of consolidation activity in the Australian dairy industry. It is important that Fonterra participates, and we have confidence in Bega and the strategy it is pursuing."
Judith Swales, managing director, Fonterra Australia said, "We have a longstanding partnership with Bega, and we look forward to continuing to build on that relationship into the future.” Fonterra currently licenses the Bega brand from Bega and has a substantial supply contract for cheese."
