Kirin agrees deal for Dairy Farmers
The future of Australia-based cooperative Dairy Farmers appears to have been settled after Japanese brewer Kirin this week announced it has agreed a AUS $920m deal for the business.
Through National Foods, Kirin’s Australian food arm, the company has managed to beat a number of international rivals to the business including Italy-based Parmalat, which have also shown interest in acquiring the company.
Dairy Farmers has a number of operations from speciality cheeses and yoghurts to soy products and juices.
Ian Langdon, chairman of Australian Co-operative Foods Limited (ACF), which trades as Dairy Farmers, claimed the deal had to be supported by 75 per cent of its active members to go ahead.
He added that the proposed offer had received unanimous approval by the ACF board short of a superior deal being made.
“The National Foods proposal offers ACF shareholders an attractive cash price as well as providing certainty regarding forward farm-gate milk pricing and security of milk supply arrangements,” he stated. “In addition, the proposal delivers on the board’s commitment to provide shareholders a liquidity event following the co-operative’s 2004 restructuring.”
Indofoods mulling dairy buy
Indonesia-based Indofoods is reportedly set to make tentative steps within dairy production with the possible acquisition of Drayton, owner of dairy company PT Indolakto, reports have said.
The company, which are one of the world’s leading manufacturers of noodles has signed a Memorandum of Understanding (MoU) with Drayton to fully take control of its operations, according to the Jakarta Post news service.
The company is now expected to perform due diligence on the group before opting to move ahead with any potential acquisition, according to the report.
The great cheese robbery
If reminders were needed of the increasing value of dairy products as a commodity, UK newspapers this week reported that robbers managed to get away with £15,000 (€18.746) worth of cheese from a parked lorry in the country.
Five pallets worth of cheese were taken during the robbery from thieves described by UK-based newspaper The Daily Mirror as being “quiet as mice”.
The robbery occurred last Thursday on the A49 Motorway, the report added.