Bega Cheese said today (26 October) it is “no longer a potential purchaser” for troubled Australian dairy cooperative Murray Goulburn, but suggested it may be open to other acquisitions.

Responding to what it called “press speculation”, Bega Cheese also said it had no current plans to raise capital from the market.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

In a filing to the Australian stock exchange, Bega chairman Barry Irvin said: “Bega Cheese continues to maintain a strong balance sheet and believes there are a number of potential opportunities in dairy and food.” 

There have been a number of companies reported to be interested in the co-op, either buying assets or taking over the whole company, including Fonterra, Chinese dairy firm Yili, Lactalis-controlled Parmalat and Canada’s Saputo.

Last month, Fonterra reportedly told Australian broadcaster ABC news network the company had been in touch with Murray Goulburn to make an offer.

Also last month, Yili denied stories in the press it had made a bid for Murray Goulburn but admitted after assessing the co-op’s assets it had made a “cautious non-binding strategic development proposal”.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

However, the most recent reports out of Australia had touted Bega and Saputo has front-runners.

Murray Goulburn first revealed in August it had attracted interest from unnamed parties considering buying part or all of the embattled dairy group.

The co-op ooked a loss of AUD370m (US$284m) in the year to June. It is set to hold its AGM tomorrow.

During the financial year ended in June, Bega Cheese bought some of the Australian and New Zealand grocery brands from food giant Mondelez International, including its Vegemite spreads business.