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Dairy merger to go before shareholders
Posted by Labels: Australia, Dairy, Mergers and Acquisition
By court reporter Peta Carlyon
The proposed merger between Australian dairy giants, Bega Cheese and Tatura Milk Industries will be put to shareholders next month.
Bega Cheese, based in south-east New South Wales, already owns 70 per cent of Tatura Milk shares and is set to acquire the remaining 30 per cent which is owned by dairy farmers.
Tatura Milk was established in the early 1900s and sources more than 350 million litres of milk from 270 Victorian dairy farmers each year.
Court documents from the company's directors show it produces up to 72,000 tonnes of manufactured dairy products and recorded a profit last financial year of $13.8 million.
The Victorian Supreme Court this morning ordered the proposed merger to go before a meeting of shareholders on December 14.
It will then return to the court for final sign-off on the merger.
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