Bega Group has informed the Australian Competition and Consumer Commission (ACCC) of its plan to seek informal merger clearance for a potential acquisition of Fonterra Oceania.
The company said the proposed acquisition would “significantly enhance outcomes for the company and the dairy industry as a whole, particularly in Australia.”
“The combination of the Fonterra and Bega Group assets in Australia would lead to greater efficiencies and enhanced outcomes for Australian farmers, customers and consumers,” the company said in a statement.
Bega said the application will be lodged imminently. As an Australian-owned entity, Bega does not require Foreign Investment Review Board (FIRB) approval for the deal.
Bega also expressed its desire to work collaboratively with Fonterra on the sale process.
“Bega Group hopes to work constructively with Fonterra Group on the sale of its Oceania businesses of which Bega Group is the natural acquirer and in which it remains very interested.”
Source: https://www.c-store.com.au/
