Fonterra’s $3.2b capital return to farmers set to boost rural incomes and NZ economy
According to ASB, Fonterra's plan to sell it's Anchor and Mainlands brands could inject $4.5 billion in additional spending into the economy.
The 9.3 million shares were purchased at Aus$4.95 per share.
Fonterra chief executive Theo Spierings says: "Australia is an important market for Fonterra, and we are committed to growing our already strong presence.
"There has recently been a lot of consolidation activity in the Australian dairy industry. It is important that Fonterra participates, and we have confidence in Bega and the strategy it is pursuing."
Judith Swales, managing director, Fonterra Australia said, "We have a longstanding partnership with Bega, and we look forward to continuing to build on that relationship into the future."
Fonterra currently licenses the Bega brand from Bega and has a substantial supply contract for cheese.
