Vegemite will be Australian once again. Bega dairy has announced it will buy most of the transnational food giant Mendelez's grocery and cheese business in Australia and New Zealand.
Bega will pay $450 million for the acquisition according to a statement made to the Australian Stock Exchange, which will include cheeses, mayonnaise, nut spreads and Kraft products such as Mac and Cheese and, of course, Vegemite. It will not include Philadelphia products.
There has been a spike in Bega's share price since the announcement.
There's also been a spike in the mood of happy little Vegemites all over Australia. Because, as we know, Vegemite puts a rose in every cheek.
Looks like we can say "as Aussie as Vegemite" again. Bega Cheese buys Vegemite and other Kraft brands for $460M. https://t.co/4aspsWV1UI— Victor Ng (@victorwcng) January 18, 2017
After 80 years or so in foreign hands, Vegemite's coming home. Happy little Bega shareholders, hopefully. https://t.co/W7DWIP08RU— Brian Borowsky (@brianborowsky) January 18, 2017
Great news for an Aussie brand - now owned by another iconic Australian brand.Well done Bega Cheese! https://t.co/kj8CPD4OOU— Deborah Loosley (@TRIOMarketing) January 18, 2017
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