Japanese conglomerate Kirin Holdings has sealed the A$910m (US$595.9m) takeover of Australia’s Dairy Farmers.
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The Dairy Framers board today (27 November) heralded “a new era in Australia’s dairy sector” and said the deal would have a “positive impact” on the co-operative’s farmer-shareholders.
Dairy Farmers chairman Ian Langdon, who has resigned from the company’s board along with the other directors, said farmers would stand to benefit financially from the deal.
“As a result of shareholders overwhelming support for the proposal, hundreds of millions of dollars in shareholders’ equity will be unlocked and returned to dairy farmers across Australia,” Langdon said.
“This injection of capital on-farm stands to have a strongly positive impact in both the short term and further into the future.”
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By GlobalDataDairy Farmers, which owns brands including its namesake milk and Coon cheese, joins Australian food and beverage group National Foods under the Kirin umbrella.
Langdon added: “National Foods will become Australia’s largest domestic dairy player in revenue terms, which should result in a stronger processor and provide greater milk off-take security for suppliers.”
