Australian dairy company Bega Cheese is a step closer to total ownership of Tatura Milk Industries.
Bega, which already owns 70% of Tatura, yesterday (5 October) announced that the two companies had signed a deal to give it 100% of the company.
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If the deal is backed by Tatura’s shareholders and secures legal approval, the merger should be completed by the end of this year.
In 2007 Bega bought 70% of Victoria-based Tatura for A$38.8m (US$37.4). The agreement will see them purchase the remaining 30% for A$42.7m.
Bega funded the acquisition by selling a 15% stake in the company through an IPO in August.
Executive chairman Barry Irvin said: “The Bega Cheese board is pleased to proceed with the merger, as the full integration of the businesses should provide both operational and financial benefits to all stakeholders.”
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By GlobalDataIn August Bega posted a pre-tax profit of A$21.6m in its full-year results, an 11.4% decline on a year earlier. EBITDA dropped 5.1% to A$52m.
