Australia’s largest ASX-listed dairy company Bega Cheese has announced plans to complete a merger with Victorian-based dairy co-operative Tatura Milk Industries by the end of 2011. Bega Cheese acquired 70 per cent of Tatura Milk Industries in 2007 for approximately A$39 Million. By agreement made between the two companies in March 2011, Tatura Milk advised Bega Cheese it must be listed with the Australian Securities Exchange (ASX) in order to acquire the remaining shares from Tatura Milk Industries.... ...Read more »

The ACCC revealed on Tuesday that it has begun monitoring press speculation regarding a possible merger between Cargill and Teys Bros. James Packer’s 51% stake in Australia’s second-largest beef processing company may be on the table for $500 million, according to the Australian Financial Review. Teys Bros is the largest Australian-owned beef processor in the country, second only to Brazilian meat giant JBS Swift. Teys Bros was affected by the Queensland flooding, with processing plants... ...Read more »

Europe’s food retail industry is set to see the return of mergers and acquisitions, analysts at J.P.Morgan Cazenove said yesterday (12 October) as they started their coverage of the sector.In a report covering 12 European grocers from Carrefour and Colruyt to Ahold and Tesco, Matthew Truman and Paul Diamond argued retailers had to respond to moves from food manufacturers that are driving scale and broadening their global reach. Truman and Diamond said “initial overtures” were starting... ...Read more »

Casey’s General Stores has completed the latest round of defences against its hostile suitor Couche-Tard, when it announced the preliminary results of its modified “Dutch auction” self tender offer. In a release, the company said that based on the preliminary count by the depositary for the offer, a total of approximately 28.2m shares were validly tendered at the minimum purchase price of US$38 per share, including 14m shares that were tendered through notice of guaranteed delivery. Assuming... ...Read more »

US snack maker Lance and pretzel firm Snyder’s of Hanover have received clearance from the US Federal Trade Commission for their proposed merger.The firms announced the deal last month, in a transaction that will combine the two firms in a stock-for-stock merger of equals, creating a company to be called Snyder’s-Lance. The merger is expected to be completed in the fourth quarter of this year and is still subject to shareholder approval by Lance and Snyder’s stockholders and the... ...Read more »

US snack maker Lance has signed an agreement to merge with pretzel firm Snyder’s of Hanover.The deal, announced last night, will combine the two firms in a stock-for-stock merger of equals that will create a company to be called Snyder’s-Lance. “This transaction allows us to create a stronger company in a highly competitive industry and simultaneously create value for our shareholders,” said David Singer, president and CEO of Lance. In addition to brands including Lance, Snyder’s... ...Read more »

Campbell Soup Co. has said it sees opportunities for M&A to add to its “meal makers” business as the US food group looks to ramp up growth in emerging markets.Speaking at a meeting with investors on Monday (12 July), Larry McWilliams, president of Campbell’s international business, said the meal makers sector, which includes stocks and sauces, is a “large but fragmented” category and that the firm plans to focus more on this part of its portfolio. “We see many... ...Read more »

New Zealand-based dairy firm A2 Corporation is eyeing expansion in Australia and beyond following its merger with ASX-listed Freedom Nutritional Products. Previously, Freedom Nutritional had produced A2 products in Australia under an exclusive rights arrangement. The company signed a sale and subscription agreement with Freedom to buy a 50% interest in A2 Dairy Products in return for 120,376,950 fully-paid ordinary A2 Corp shares, comprising 25% of the enlarged company. The deal includes a provision... ...Read more »

Brazilian orange juice manufacturers Citrosuco and Citrovita announced earlier this week their plans to merge to form the biggest orange juice producer in the world with sales exceeding two billion reais ($A1.23 billion). Chief Executive of Citrosuco Tales Lemos Cubero told Estado news agency that after the merge, the new company will have the capacity to produce 25 per cent of all orange juice in the world. The two companies Citrosuco and Citrovita will each have 50 per cent stakes in the new company.... ...Read more »

Diversified food company Freedom National Products Limited (FNP) and A2 Corporation Limited(A2C) – the company that owns and commercialises intellectual property that enables the identification of cattle for the production and subsequent marketing of a2 MilkTM – announced on Friday that they are in merger talks. The announcement on the ASX  stated that they are discussing a ‘merger of equals’ under which the surviving entity would remain listed on the ASX. To facilitate... ...Read more »