newsCO.com.au | Bega pulls out of Murray Goulburn takeover

October 26, 2017

@newsCOflash

2017-10-26 01:49:34

Bega Cheese has confirmed it is not a potential buyer of troubled dairy processor Murray Goulburn.

Bega was reportedly considering a takeover of Australia’s largest milk processor, but said on Thursday it is no longer a potential purchaser, and it has no current plans to raise capital.

Bega Cheese and Canadian dairy giant Saputo were believed to be among the front runners for the acquisition of Murray Goulburn.

The owner of the Devondale brand, which made a $371 million loss in 2016/17, confirmed in September that it had been approached by a number of suitors interested in either buying some assets or taking over the whole co-operative.

Bega chairman Barry Irvin said the company continues to maintain a strong balance sheet and believes there are a number of potential opportunities in dairy and food.

Bega shares were down six cents at $7.69 at 1317 AEDT.

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