New Zealand dairy co-operative Fonterra will sell its consumer brands, which include Mainland, Western Star butter and Perfect Italiano cheese, to France’s Lactalis for $NZ3.8 billion ($3.4 billion) after an extended auction saw interest from major international and local food producers.
Japan’s Meiji and ASX-listed Bega Group, working with FrieslandCampina, were also hoping to buy Mainland Group, as the business is known, before Lactalis was granted exclusivity to negotiate a deal earlier this month.
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Dining and Cooking