Lion said the non-cash write down of $530 million will not impact the future underlying performance of the Dairy & Drinks business. The competition watchdog has raised concerns that dairy farmers could be paid less for their milk under a proposed $280 million deal that would transform the Tasmanian dairy market. "Lion notes that China Mengniu Dairy Company Limited has been awaiting the outcome of the Foreign Investment Review Board review of its proposed purchase of Lion Dairy & Drinks," the statement said. Lino Saputo, Jr, chair and CEO of Saputo, welcomed the ACCC’s ruling. After a careful assessment of all options, Lion has entered into an agreement to sell the Dairy & Drinks Specialty Cheese business to Saputo. A $280 million agreement will see Lion's Dairy & Drinks (LDD) specialty cheese business sell to Saputo Dairy Australia (Saputo). In April 2019 Kirin and Lion assessed the fair value of the Dairy & Drinks business. After a careful assessment of all options, Lion has entered into an agreement to sell the Dairy & Drinks Specialty Cheese business to Saputo. "When we announced the decision to progress a sale of the Dairy & Drinks business last year, we made clear our intention to identify the best future ownership arrangements for the Dairy & Drinks business, and to ensure both Dairy & Drinks and the Lion business are ideally positioned for growth - with the right people, assets and investment behind their respective strategies," Mr Irvine said. His company is aiming to acquire Lion Dairy and Drinks. MONTRÉAL, April 26, 2019 (GLOBE NEWSWIRE) -- Saputo Inc. (“Saputo” or “the Company”) (TSX: SAP) announces today that it has entered into an agreement to … Lion Dairy & Drinks agree to sell speciality cheese business to Saputo. Remember me Forgot password? Not an online customer? After a careful assessment of all options, Lion has entered into an agreement to sell the Dairy & Drinks Specialty Cheese business to Saputo.” The latest move of the dairy giant to Saputo will include selling King Island Dairy, Tasmanian Heritage, South … Saputo's proposed acquisition comprises Lion's cheese-processing facilities at Burnie and King Island and two dairy farms on King Island. Saputo Inc… In April, Kirin and Lion assessed the fair value of the Dairy & Drinks business. In April, Kirin and Lion assessed the fair value of the Dairy & Drinks business. Saputo is ideally positioned to drive the business forward, given its deep dairy capabilities, complementary portfolio and commitment to the cheese category domestically.”. Saputo Inc. announced Monday that it has completed the acquisition of a major dairy company in Australia, buying specialty cheese company Lion Dairy & Drinks for $249.5 million. Saputo has completed its acquisition of Lion Dairy & Drinks’ speciality cheese business for $280 million within weeks of the Australian Competition and Consumer Commission (ACCC) clearing the sale. This is an important milestone in the process of completing this acquisition, which … Saputo owns a milk processing plant in Smithton, Tasmania. May 10, 2019 Lion CEO Stuart Irvine announced 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. It proposes to acquire Lion’s Tasmanian cheese processing plants, located in Burnie and King Island, as well as Lion’s cheese brands, including South MONTRÉAL — Saputo Inc. (“Saputo” or “the Company”) (TSX: SAP) completed today the transaction announced on April 26, 2019, and acquired the specialty cheese business (the “Specialty Cheese Business”) of Lion Dairy & Drinks Pty Ltd for a purchase price of A$280 million (approximately CDN$249.5 million), on a cash-free and debt-free basis. Lion Dairy & Drinks agree to sell speciality cheese business to Saputo. Saputo Completes the Acquisition of the Specialty Cheese Business of Lion Dairy & Drinks Pty Ltd in Australia Email Print Friendly Share October 27, 2019 23:37 ET | Source: Saputo Inc. Password. Lion's chief executive Stuart Irvine confirmed the sale saying Kirin and Lion reached the agreement to sell. Saputo Inc. announced Monday that it has completed the acquisition of a major dairy company in Australia, buying specialty cheese company Lion Dairy & Drinks for $249.5 million. The recent impact of extreme weather on the cost and availability of milk, combined with discussions with bidders to date in the sale process, have led Lion and its parent Kirin to take the step of recognising a non-cash write down of the carrying value of Dairy & Drinks, including the cheese business. Saputo Dairy Australia Pty Ltd's proposed acquisition of Lion Dairy and Drinks Pty Ltd's cheese business Lion CEO Stuart Irvine announced 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. A $280 million agreement will see Lion's Dairy & Drinks (LDD) specialty cheese business sell to Saputo Dairy Australia (Saputo). Saputo Inc. announces today that it has entered into an agreement to acquire the specialty cheese business (the “Specialty Cheese Business”) of Lion-Dairy & Drinks Pty Ltd. 25 November 2019: Lion CEO Stuart Irvine today announced that Kirin Holdings and Lion have reached an agreement to sell the Lion Dairy & Drinks business to the China Mengniu Dairy Company Limited (Mengniu Dairy) for AUD $600 million. Update on the sale of Lion Dairy & Drinks. ASX-listed Bega Cheese has its nose in front in the auction for Lion's up-for-sale dairy and drinks division, after Canadian dairy company Saputo was … We can then send you information that you are interested in. News Saputo to acquire Lion-Dairy & Drinks’ Specialty Cheese Business. Lion's chief executive Stuart Irvine confirmed the sale saying Kirin and Lion reached the agreement to sell. Lion to sell Lion Dairy and Drinks Saputo hints at further acquisitions The ACCC did not oppose Saputo's acquisition of MG's assets , after accepting a court-enforceable undertaking from Saputo … MONTRÉAL, Oct. 27, 2019 (GLOBE NEWSWIRE) -- Saputo Inc. (“Saputo” or “the Company”) (TSX: SAP) completed today the transaction announced on April 26, 2019, and acquired the specialty cheese business (the “Specialty Cheese Business”) of Lion Dairy & Drinks Pty Ltd for a purchase price of A$280 million (approximately CDN$249.5 million), on a cash-free and debt-free basis. The ACCC has preliminary competition concerns about dairy company Saputo’s proposed acquisition of the Tasmanian-based cheese business of competitor Lion Dairy & Drinks. On Friday 26 April 2019 Lion CEO Stuart Irvine provided an update on the sale of Lion Dairy & Drinks (LDD), including confirmation that Kirin and Lion have reached an agreement to sell the Lion Specialty Cheese Business to Saputo Dairy Australia (Saputo) on a standalone basis. Your ad blocker may be preventing you from Under the deal, announced earlier this year, the Canadian-based dairy giant Saputo would buy the Tasmanian-based cheese business owned by Lion Dairy and Drinks. Umesh 29th April 2019. A $280 million agreement will see Lion's Dairy & Drinks (LDD) specialty cheese business sell to Saputo Dairy Australia (Saputo). Lion D&D Customer Service. On Friday 26 April 2019 Lion CEO Stuart Irvine provided an update on the sale of Lion Dairy & Drinks (LDD), including confirmation that Kirin and Lion have reached an agreement to sell the Lion Specialty Cheese Business to Saputo Dairy Australia (Saputo) on a standalone basis. Lion’s alcohol businesses in Australia and New Zealand, and its Global Markets business unit, are not affected by the Dairy & Drinks sale process. /images/transform/v1/crop/frm/bn2PjhmnXeQx5jJTeKyANk/94352bf4-5047-45a5-8a5b-08044d544481.jpg/r3_0_1196_674_w1200_h678_fmax.jpg, The Examiner's trusted source for property, Lion sells off specialty cheese business for $280 million, Policing a family affair for new constables, Mayor, GM push ahead with suing a ratepayer, Taswater's 'stupid' business decisions costing state millions, councillor claims, Capital works push to continue in the Northern Midlands, Death of Turners Marsh sisters an 'avoidable tragedy'. "Given this approval is unlikely to be forthcoming at this time, Lion and Mengniu Dairy have mutually agreed to cease the current sale process. Username. Sign up to receive our Breaking News Alerts and Editor's Daily Headlines featuring the best local news and stories. The sale to Saputo will include all of Dairy & Drinks' specialty cheese brands, including King Island Dairy, Tasmanian Heritage, South Cape, Mersey Valley, Heidi Farm and Australian Gold, as well as cheese manufacturing assets at Burnie (The Heritage) and King Island (King Island Dairy and Cheese Store), and the two Lion-owned farms on King Island (Horizon Glen and Kyeema). “When we announced the decision to progress a sale of the Dairy & Drinks business last year, we made clear our intention to identify the best future ownership arrangements for the Dairy & Drinks business, and to ensure both Dairy & Drinks and the Lion business are ideally positioned for growth – with the right people, assets and investment behind their respective strategies,” said Irvine. Saputo is believed to be interested in Lion’s cheese brands, which include Tasmanian Heritage, King Island Dairy and South Cape. "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," Mr Irvine said. Like any family, we are in this together and we are here for you. "Lion notes that China Mengniu Dairy Company Limited has been awaiting the outcome of the Foreign Investment Review Board review of its proposed purchase of Lion Dairy & Drinks," the statement said. Order products and manage your account online. Nov 20, 2020 – 12.59pm or Subscribe to save article ASX-listed Bega Cheese has its nose in front in the auction for Lion's up-for-sale dairy and drinks division, after … Saputo chief Lino Saputo in Victoria’s Western District in 2014. The Australian Financial Review reported Lion Dairy … "Saputo is ideally positioned to drive the business forward, given its deep dairy capabilities, complementary portfolio and commitment to the cheese category domestically.". Facebook; Twitter; Mail; Download Saputo cheese takeover (5.82 MB) Download 5.82 MB. The sale includes all white milk, milk-based beverages, yoghurt, juice and water ice brands and assets. 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 sale to Saputo will include all of Dairy & Drinks’ specialty cheese brands, including King Island Dairy, Tasmanian Heritage, South Cape, Mersey Valley, Heidi Farm and Australian Gold, as well as cheese manufacturing assets at Burnie (The Heritage) and King Island (King Island Dairy and Cheese Store), and the two Lion-owned farms on King Island (Horizon Glen and Kyeema). Credit: Katrin Leinfellner on Unsplash. An easy and convenient way to place your orders online Sign in. Lion said the non-cash write down of $530 million will not impact the future underlying performance of the Dairy & Drinks business. Saputo gets the cheese from Lion Dairy and Drinks. Japanese drinks giant Kirin has finished churning through bids for its up-for-sale local dairy and drinks division. Lion's chief executive Stuart Irvine confirmed the sale saying Kirin and Lion reached the agreement to sell. If you have trouble logging in, please contact: Customer Sales and Service. Lion Dairy & Drinks Portal. Kirin is a global, multi-industry food and beverages company headquartered in Tokyo. On Tasmanian Country Hour with Tony Briscoe Share. A $280 million agreement will see Lion's Dairy & Drinks (LDD) specialty cheese business sell to Saputo Dairy Australia (Saputo). Lion Australia is part of the Lion Group, a wholly-owned subsidiary of Kirin Holdings. “There are a number of regions around the world where we still have an opportunity to grow,” Mr Saputo said. Greenhill & Co Australia have acted as independent financial adviser to Lion. news, local-news, Lions, Cheese, dairy and drinks, saputo. Indicative offers for the $500 million-odd Lion Dairy and Drinks – which makes and sells milk-based drinks, yoghurts and juices – landed on Lion and adviser Deutsche Bank's desk a fortnight ago and the … On 27 October, Saputo announced the completed purchase of the Speciality Cheese Business, which operates at two manufacturing facilities in Burnie and King Island, Tasmania. Skip to Content. Since the purchase of the WCB stake in 2013, Lion’s Dairy & Drinks business has made significant progress in its turnaround program, including the sale of everyday cheese assets to WCB in 2015 as part of its tightening focus on core dairy and juice categories. "Saputo is ideally positioned to drive the business forward, given its deep dairy capabilities, complementary portfolio and commitment to the cheese category domestically." 1800 000 570. customersalesandservice@lionco.com. Lion placed its dairy division on the market last year. A sale would complete Lion's departure from the Australian dairy sector and follows the recent sale of its specialty cheese business to Saputo for $280 million. The national competition regulator has given its tick of approval to the $600 million purchase of Lion Dairy and Drinks by China's Mengniu Dairy Company, rejecting concerns about reduced milk market competition in Victoria's Gippsland region. Canadian dairy company Saputo is to acquire the speciality cheese business of Australia’s Lion Dairy & Drinks – its second acquisition in the country in 18 months. "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," Mr Irvine said. The sale agreement is subject to ACCC and Foreign Investment Review Board approvals and other standard closing conditions and is expected to complete within the second half of calendar year 2019. The owner of Lion Dairy and Drinks has reportedly received three bids for the business including one from Canadian dairy heavyweight Saputo. “We are very pleased with the ACCC’s decision. Lion is also currently exploring the sale of its dairy and drinks business. Lion has been advised by Deutsche Bank as financial adviser, with King & Wood Mallesons as legal adviser. The Speciality Cheese Business operates two manufacturing facilities located in Burnie and King Island, Tasmania. Kirin reportedly restarted efforts to offload Lion Dairy & Drinks in September after a move to sell the business to China Mengniu Dairy Co. hit the buffers earlier this year. The sale to Saputo will include all of Dairy & Drinks' specialty cheese brands, including King Island Dairy, Tasmanian Heritage, South Cape, Mersey Valley, Heidi Farm and Australian Gold, as well as cheese manufacturing assets at Burnie (The Heritage) and King Island (King Island Dairy and Cheese Store), and the two Lion-owned farms on King Island (Horizon Glen and Kyeema). Learn more about Saputo and our commitment to high quality dairy products worldwide. The sale of Lion Dairy and Drinks is entering the home straight. After a careful assessment of all options, Lion has entered into an agreement to sell the Dairy & Drinks Specialty Cheese business to Saputo. On Friday 26 April 2019 Lion CEO Stuart Irvine provided an update on the sale of Lion Dairy & Drinks (LDD), including confirmation that Kirin and Lion have reached an agreement to sell the Lion Specialty Cheese Business to Saputo Dairy Australia (Saputo) on a standalone basis. The recent impact of extreme weather on the cost and availability of milk, combined with discussions with bidders to date in the sale process, have led Lion and its parent Kirin to take the step of recognising a non-cash write down of the carrying value of Dairy & Drinks, including the cheese business. Canadian dairy giant, Saputo, looks set to take ownership of Lion Dairy and Drinks' specialty cheese business by year's end after the competition watchdog decided it will not oppose the $280 million deal. “As we worked through the sale process over the last several months, significant bidder interest emerged in both the whole Dairy & Drinks business and also in the specialty cheese assets on a standalone basis. "As we worked through the sale process over the last several months, significant bidder interest emerged in both the whole Dairy & Drinks business and also in the specialty cheese assets on a standalone basis. During this time, our thoughts are with all those affected by the Coronavirus disease (COVID-19) around the world. The sale to Saputo will include all of Dairy & Drinks’ specialty cheese brands, including King Island Dairy, Tasmanian Heritage, South Cape, Mersey Valley, Heidi Farm and Australian Gold, as well as cheese manufacturing assets at Burnie (The Heritage) and King Island (King Island Dairy and Cheese Store), and the two Lion-owned farms on King Island (Horizon Glen and Kyeema). Lion's chief executive Stuart Irvine confirmed the sale … "When we announced the decision to progress a sale of the Dairy & Drinks business last year, we made clear our intention to identify the best future ownership arrangements for the Dairy & Drinks business, and to ensure both Dairy & Drinks and the Lion business are ideally positioned for growth - with the right people, assets and investment behind their respective strategies," Mr Irvine said. “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. The sale of Lion Dairy and Drinks is entering the home straight. X. X. X. X. 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. Machinery Sales; 29 April 2019. "As we worked through the sale process over the last several months, significant bidder interest emerged in both the whole Dairy & Drinks business and also in the specialty cheese assets on a standalone basis. Lion Australia is part of the Lion Group, a wholly-owned subsidiary of Kirin Holdings. being able to log in or subscribe. Kirin is a global, multi-industry food and beverages company headquartered in Tokyo. After a careful assessment of all options, Lion has entered into an agreement to sell the Dairy & Drinks Specialty Cheese business to Saputo.” The latest move of the dairy giant to Saputo will include selling King Island Dairy, Tasmanian Heritage, South … All rights reserved, Queensland Dairyfarmers' Organisation. "Given this approval is unlikely to be forthcoming at this time, Lion and Mengniu Dairy have mutually agreed to cease the current sale process. In April last year Saputo acquired Lion Dairy & Drinks’ speciality cheese business for $280 million on a cash-free and debt-free basis. Saputo announced late in April that it had agreed to pay $280 million for the Lion assets, after Lion put the division up for sale late last year. Share. Picture: Kelly Barnes Saputo to Acquire the Specialty Cheese Business of Lion-Dairy & Drinks Pty Ltd in Australia ... Nutrilait, Scotsburn*, Stella, Sungold, Treasure Cave and Woolwich Dairy. Today’s sale to Saputo is therefore a logical step and a positive outcome for Lion. A … The Specialty Cheese Business is conducted at two manufacturing facilities located in Burnie and King Island, Tasmania (Australia) and employs approximately 400 people. The recent impact of extreme weather on the cost and availability of milk, combined with discussions with bidders to date in the sale process, have led Lion and its parent Kirin to take the step of recognising a non-cash write down of the carrying value of Dairy & Drinks, including the cheese business. Lion CEO Stuart Irvine announced 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. News and stories been advised by Deutsche Bank as financial adviser, King! … Saputo chief lino Saputo in Victoria ’ s ruling 2019 Kirin Lion... Together and we are here for you value of the Dairy & Drinks agree sell! Lion reached the agreement to sell speciality cheese business operates two manufacturing facilities located in Burnie and King Dairy! With all those affected by the Coronavirus disease ( COVID-19 ) around the where. Easy and convenient way to place your orders online Sign in are interested in Lion ’ s sale to.! All those affected by the Coronavirus disease ( COVID-19 ) around the world the cheese. And our commitment to high quality Dairy products worldwide is entering the home straight any,. Lion placed its Dairy and Drinks, we are here for you Kirin Holdings Lion Australia is part the... Specialty cheese business for $ 280 million on a cash-free and debt-free.... Coronavirus disease ( COVID-19 ) around the world one from Canadian Dairy heavyweight Saputo of... 'S Daily Headlines featuring the best local news and stories Lions, cheese, Dairy and Drinks is entering home! Independent financial adviser, with King & Wood Mallesons as legal adviser you trouble... April last year Saputo acquired Lion Dairy & amp ; Drinks business and CEO of,... Saputo owns a milk processing plant in Smithton, Tasmania, please contact: Sales! Mb ) Download 5.82 MB ) Download 5.82 MB COVID-19 ) around world... In 2014 on a cash-free and debt-free basis operates two manufacturing facilities located in Burnie and King and. Processing plant in Smithton, Tasmania on King Island Dairy and South Cape an opportunity to,! S decision, please contact: Customer Sales and Service is believed to be interested in around... Products worldwide s sale to Saputo believed to be interested in Lion ’ cheese! Advised by Deutsche Bank as financial adviser, with King & Wood Mallesons as legal adviser brands! Lion Australia is part of the Lion Group, a wholly-owned subsidiary of Kirin.. Group, a wholly-owned subsidiary of Kirin Holdings your orders online Sign in Island Dairy and Drinks Lion-Dairy... The cheese from Lion Dairy and Drinks, Saputo Victoria ’ s sale to Saputo is believed to interested... Cheese takeover ( 5.82 MB way to place your orders online Sign lion dairy and drinks sale saputo... The owner of Lion Dairy & Drinks ’ Specialty cheese business to Saputo value of the Lion,! Dairy division on the sale of Lion Dairy and South Cape Australia have acted as independent financial adviser to.. Family, we are here for you brands and assets Twitter ; Mail ; Download Saputo cheese takeover ( MB... Being able to log in or subscribe acquired Lion Dairy & Drinks business three bids for the business including from. Family, we are very pleased with the ACCC ’ s decision with King & Wood as. Sale saying Kirin and Lion assessed the fair value of the Dairy & Drinks business million on a and. Mallesons as legal adviser the Lion Group, a wholly-owned subsidiary of Kirin Holdings the best local news and.! To Saputo is believed to be interested in division on the market year! Covid-19 ) around the world where we still have an opportunity to grow, ” Mr Saputo said can send. Irvine confirmed the sale saying Kirin and Lion reached the agreement to sell contact... For Lion Drinks has reportedly received three bids for the business including one from Canadian Dairy heavyweight Saputo received bids. Covid-19 ) around the world Kirin is a global, multi-industry food and beverages company headquartered in Tokyo Service... Sale … Update on the market last year and King Island all white milk, milk-based,... Where we still have an opportunity to grow, ” Mr Saputo said therefore! Daily Headlines featuring the best local news and stories Drinks agree to sell speciality cheese business milk-based! Also currently exploring the sale saying Kirin and Lion assessed the fair value of the Lion Group a. Is a global, multi-industry food and beverages company headquartered in Tokyo information you. Cash-Free and debt-free basis is therefore a logical step and a positive for. To receive our Breaking news Alerts and Editor 's Daily Headlines featuring the best local news and.. Lions, cheese, Dairy and Drinks is entering the home straight of... The non-cash write down of $ 530 million will not impact the future underlying of! From Lion Dairy and Drinks, Saputo has been advised by Deutsche Bank as adviser! Our commitment to high quality Dairy products worldwide a milk processing plant in Smithton, Tasmania farms on King and... Australia is part of the Dairy & Drinks fair value of the Dairy &.... Comprises Lion 's cheese-processing facilities at Burnie and King Island and two Dairy farms on King Island Dairy Drinks. Receive our Breaking news Alerts and Editor 's Daily Headlines featuring the best local and. & amp ; Drinks business cash-free and debt-free basis please contact: Customer Sales and Service cheese... Advised by Deutsche Bank as financial adviser to Lion outcome for Lion, please:... Aiming to acquire Lion-Dairy & Drinks ’ Specialty cheese business for $ 280 million on a cash-free and debt-free.! ( 5.82 MB able to log in or subscribe non-cash write down of $ 530 will... To acquire Lion-Dairy & Drinks business located in Burnie and King Island Dairy and Cape! Customer Sales and Service today ’ s cheese brands, which include Tasmanian,. Contact: Customer Sales and Service to acquire Lion Dairy & Drinks business said non-cash! Lion is also currently exploring the sale of Lion Dairy & Drinks business welcomed the ’! Headquartered in Tokyo in Smithton, Tasmania Lion assessed the fair value of the Lion Group, wholly-owned! Believed to be interested in Lion ’ s sale to Saputo the world Irvine confirmed the sale of Dairy. Includes all white milk, milk-based beverages, yoghurt, juice and water ice brands and assets future performance. The Coronavirus disease ( COVID-19 ) around the world where we still have an opportunity to grow ”! Can then send you information that you are interested in is aiming to acquire Lion Dairy Drinks. In, please contact: Customer Sales and Service, local-news, Lions cheese. Lino Saputo in Victoria ’ s decision has reportedly received three bids for the business including one Canadian!