Fonterra buys 6% Bega stake

DataRoom: NZ dairy giant takes Bega stake on hopes it will win battle for WCB.

When trading begins today, Bega Cheese’s (BGA) share price is likely to surge past $5 after the world’s largest diary company, Fonterra, bought a stake in the New South Wales dairy producer. Bega is currently in pole position to acquire Victorian rival Warrnambool Cheese & Butter Factory (WCB).

In a statement, Fonterra said it has acquired a 6% shareholding in Bega, purchasing 9.3 million shares at $4.95 per share for a total cost of $46 million.

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