November 24, 2020
Kirin Holdings confirms Bega Cheese buyout of Lion Dairy
Japan-based Kirin Holdings said major Australian cheesemaker Bega Cheese was among the candidates it is in discussions with for the sale of its Lion Dairy & Drinks business, but no decision has been finalised, Reuters reported.
A source said to Reuters that Bega Cheese was conducting due diligence on Kirin's Lion Dairy & Drinks, with plans to buy Lion Dairy for AUD 550 million (~US$402 million; AUD 1 = US$0.74). However, the source said the deal was not guaranteed.
In August, Kirin was forced to abolish a Lion Dairy buyout by China Mengniu Dairy for AUD 600 million (~US$441 million) because the Australian government blocked the sale.