China Mengniu Dairy has called off its plan to buy an Australian drinks business for $430 million after the government in Australia said it would likely oppose the deal. Lion Dairy & Drinks for sale by FMCG Business October 11, 2018 October 15, 2018. Lion's $280m cheese sale to Saputo gets ACCC green light 1 year, 2 months ago ACCC ticks Lion-Saputo cheese deal, but is wary of more mergers Andrew Marshall @BurrenAndrew 26 Sep 2019, 11 a.m. Kirin Holdings Co. has revived a sale of its Australian beverage unit after scrapping a deal with China Mengniu Dairy Co. amid political strain, according to people familiar with the matter. COVID-19 has changed how we live, work, shop and it has had a huge impact on our customers and consumers across the country. Older Posts. The sale of the Lion Dairy and Drinks business to ASX-listed food and dairy company, Bega Cheese, has been well received by the company’s largest supplier group, Dairy Farmers Milk Cooperative (DFMC). Mr Kebbell said DFMC did not share concerns expressed on social and tabloid media about Chinese ownership. It also knows how interested Bega was previously, and the time it spent getting to understand the up-for-sale business. Lion’s non-cash write down of AUD 530 million does not impact the future underlying performance of the Dairy & Drinks business, which continues to benefit from a highly attractive portfolio of market-leading brands in growing categories – including milk-based beverages, yoghurt and premium juice. Natalie Toohey          + 61 (0)409 239 459, Elise Gare                  + 61 (0)437 306 437, Lion Pty Limited UPDATE: BEGA Cheese plans to raise about $401 million through a share offering to help cover the $560 million it will pay for the Lion Dairy and Drinks business. Below is a further update on the cyber-attack and IT system outage that Lion is experiencing. It also knows how interested Bega was previously, and the time it spent getting to understand the up-for-sale business. April 26, 2019 03:34 ET … Kirin struck a deal in November to divest its Lion Dairy and Drinks subsidiary to China Mengniu Dairy. related to Beer & cider, Mergers & acquisitions, Soft drinks, Water, Kirin, You’ve reached your limit of free reads this month. Update on the sale of Lion Dairy & Drinks. Mr Kebbell said DFMC did not share concerns expressed on social and tabloid media about Chinese ownership. By AFN Staff Writers. After a careful assessment of all options, Lion has entered into an agreement to sell the Dairy & Drinks Specialty Cheese business to Saputo. Lion Dairy is an Australian company wholly owned by Japan’s Kirin Holdings Co. Kirin said it had agreed with Mengniu Dairy Co to terminate a $600 million transfer deal signed in … Speculation grows about sale of Lion dairy brands. "It is somewhat of a relief to know there is a next step." The proposed deal was announced in November 2019 was worth $600 million. Company profile page for Lion-Dairy & Drinks Pty Ltd including stock price, company news, press releases, executives, board members, and contact information 26 June 2020: Over the past week, Lion has continued to make progress in restoring many of our key systems following the cyber attack that caused a partial IT outage. Kirin Holdings is to sell its Lion Dairy & Drinks business to Bega Cheese for AUD534m (US$393m), marking the company's exit from the non-alcoholic drinks category in Australia and New Zealand. Greenhill & Co Australia have acted as independent financial adviser to Lion. Japanese drinks giant Kirin has finished churning through bids for its up-for-sale local dairy and drinks division. Tuesday, 7 August 2018: Lion today announced its trading update for the half year ended 30 June 2018 in conjunction with Kirin Holdings’ half year announcement. "Our partners, Lion, have had international owners for more than a decade," he said. After a careful assessment of all options, Lion has entered into an agreement to sell the Dairy & Drinks Specialty Cheese business to Saputo. “We are continuing to consider various pathways forward for the balance of the Dairy & Drinks business and will take the time to ensure we achieve the best possible outcome over the coming period,” Irvine concluded. Read more. In a statement, Treasurer Josh Frydenberg said he had been advised the two companies had “mutually agreed to not proceed with the sale process”. Lion has announced that it plans to sell its Lion Dairy & Drinks (LDD) business. Remember me Forgot password? In a further update, Lion CEO Stuart Irvine said that the sale process for the broader Lion Dairy & Drinks (LDD) business was continuing. Aa . Email Print Friendly Share. We employ more than 6,700 people across Australia and New Zealand predominantly and take great pride in our local manufacturing footprint, which spans 38 sites – including milk, specialty cheese, yoghurt, juice sites and dairy farms as well as large breweries, craft breweries, wineries, and venues. Australian authorities are poised to block Kirin's proposed sale of Lion Dairy & Drinks to China's Mengniu Dairy, according to a local report. Lion Dairy's soft-drink business has suffered from sluggish growth, and its earnings took a further beating from soaring milk purchasing costs due to such factors as a drought. Email: elise.gare@lionco.com, Robyn Riley Co-operative chairman and Gympie dairy farmer, Andrew Burnett said the iconic Dairy Farmers brand is now back in Australian ownership. Lion has been advised by Deutsche Bank as financial adviser, with King & Wood Mallesons as legal adviser. Japanese drinks giant Kirin has finished churning through bids for its up-for-sale local dairy and drinks division. Sales Enquiries AU: 1800 000 570. The sale agreement is subject to ACCC and Foreign Investment Review Board approvals, and other standard closing conditions. The Australian Competition and Consumer Commission allowed the sale in February. related to Mergers & acquisitions, Soft drinks, Water, Kirin, Lion Dairy's China sale tipped down drain Business . SEE LOCATIONS Saputo is ideally positioned to drive the business forward, given its deep dairy capabilities, complementary portfolio and commitment to the cheese category domestically.”. By AFN Staff Writers. Greenhill & Co Australia have acted as independent financial adviser to Lion. The Australian Competition and Consumer Commission allowed the sale in February. Alasdair McDonald November 26, 2020 - 3:56PM Lion Dairy and Drinks Claims Portal Click Here to Submit Sale or Return Claim Request Click Here to Submit Credit Claim Request For assistance please call LDD Claims on 1800 000 570 or email LDDClaims@lionco.com 26 April 2019:- Lion CEO Stuart Irvine today provided an update on the sale of Lion Dairy & Drinks (LDD), including confirmation that Kirin and Lion have reached an agreement to sell LDD’s specialty cheese business to Saputo Dairy Australia (Saputo), for AUD 280 million. The Australian Government very quickly declared dairy an essential service and so, throughout this time you kept milking, we kept manufacturing and our consumers kept enjoying our great tasting dairy products. New customer registration Lion is a leading beverage and food company with a portfolio that includes many of Australasia’s favourite brands in beer, wine and dairy. Lion Dairy & Drinks Business Sale Update. Aa . 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