The world’s biggest dairy exporter, Fonterra Cooperative Group, has built a 6% stake in Bega Cheese as the Australian dairy industry continues to consolidate. Fonterra already licenses the Bega brand and has supply contracts with the company. Ultimately, Fonterra aims to reach a 10% stake as Bega Cheese is involved in a takeover battle for Warrnambool Cheese & Butter. Bega owns 18% of Warrnambool and is battling Murray Goulburn and Canada-based Saputo in a bidding war for control of the company. The situation has been further complicated earlier this week when Japan’s Kirin bought a 10% stake in Warrnambool.
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