Saputo pays $1.9b for Dairy Crest
Canadian dairy giant Saputo is continuing its global buying spree, stitching up a deal to buy the listed UK company Dairy Crest.
The UK’s competition watchdog has signalled it is likely to approve the sale of Dairy Crest’s loss-making milk operations to German yoghurt giant Müller.
The $190 million sale inched closer last week after the Competition and Markets Authority said a major obstacle to the sale has nearly been overcome. It said proposals by Müller to help ensure the sector remains competitive post-sale -- a major roadblock to completion -- were “appropriate to remedy” its competition concerns over the sale.
The regulator now “proposes to accept” Müller’s proposals, which paves the way for the deal to go ahead.
The sale would leave the UK market dominated by Müller Wiseman, Denmark’s Arla and the First Milk farmers’ cooperative.
Dairy Crest chief executive Mark Allensays it has always believed the sale of the dairies operations is good news for the whole UK dairy sector, now suffering low returns on dairy commodities.
“It will deliver economies of scale and cost efficiencies that will underpin investment and help the UK compete more successfully in global markets.”
Rabobank says climate change creates both risks and opportunities for the bank and its clients and that the food and agriculture sector needs to recognise the potential for both.
Eastern Bay of Plenty farmer Rebecca O’Brien was named the 2024 Dairy Women’s Network (DWN) Regional Leader of the Year.
Humbling, overwhelming, and an absolute honour. That’s how 2024 Fonterra Dairy Woman of the Year Katrina Roberts describes her win at the Dairy Women’s Network conference earlier this month.
Hamilton-based Dairy Goat Co-operative (DGC) is revamping its leadership in the hope of recovering from its financial doldrums.
With just over two weeks left in the 2023-24 season, all eyes will be on Fonterra's opening milk price for the new season.
Fonterra Brands' Cathy Lang has been crowned the country's best cheesemaker for the second time in three years.