Vegemite back in Australian hands after $460m Bega acquisition
Vegemite and cheese, anyone? Bega Cheese has acquired Vegemite for $460 million from Mondelez, bringing the brand back into Australian hands.
Bega Cheese has acquired the Vegemite brand as part of a $460 million purchase of US food giant Mondelez International’s Australia and New Zealand grocery and cheese business.
Other brands covered in the purchase include Bonox, Zoosh, as well as a royalty-free licence for several Kraft products such as peanut butter and cheese.
Bega, in a note to the ASX, said it would use bank debt to fund the $460 million acquisition.
Bega executive chairman Barry Irvin describes the deal as “strategically important and company-making,” ABC reports.
“These iconic brands alongside the Bega brand are strong building blocks to enable Bega Cheese to become a great consumer goods business,” says Irvin.
Other Mondelez brands include Cadbury, Nabisco and Ritz.
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