Beston Global Food Co. has said that it is calling off its planned acquisition of Westdama Dairy Farm in South Australia.
In a statement to the Australian stock exchange, the food maker said that it decided to abort the deal after “comprehensive due diligence”. Further details were not disclosed.
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Beston Global Food Co. had announced its plan to acquire Westdama Dairy Farm in the company’s 2016 annual financial report, which was filed last month.
The company has stepped up its activity in the Australian dairy sector and, in the ten months after listing, has acquired a number of dairy assets, including Kurleah Dairy Farm and Pedra Branca Dairy Farm. The business has said the acquisitions are part of its “farm-to-fork” strategy that allows full traceability.
“BFC will continue to investigate other potential dairy farm acquisitions which meet its investment criteria,” the company said today (14 November).
In September, Beston Global Food Co. acquired cream cheese maker Australian Provincial Cheese for AUD2.2m (US$1.7m).
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