Vitasoy International has announced its intention to take full ownership of its joint venture with Bega Cheese, Vitasoy Australia Products.
The Hong Kong-based company currently owns 51% of Vitasoy Australia, which makes plant-based beverages and yogurts, through its subsidiary Vita International.
Bega became a partner in the joint venture as part of its acquisition of Lion Dairy & Drinks in 2021 and owns a 49% stake through its subsidiary National Foods. Under the terms of the original deal, Vitasoy International has the right to buy out Bega’s holding in the business.
In a statement to the Hong Kong Stock Exchange, Vitasoy said that Australia’s Foreign Investment Review Board (FIRB) had granted it permission to move forward with the acquisition.
The announcement read: “The board of directors of the company is pleased to announce that the Australian Foreign Investment Review Board has issued a no-objection notification, which confirms the Australian government has no objections to the potential acquisition by Vita International of the remaining 49% of the issued share capital in Vitasoy Australia that is currently held by National Foods”.
The statement added: “As at the date of this announcement, and in light of the FIRB approval, it is the intention of the board of Vita International to exercise the call option”.
The call option can be exercised from the end of October for a 90-day period.
However, Vitasoy highlighted that “shareholders and potential investors in the company should be aware that the exercise of the call option may or may not proceed” and that if it does, the terms are uncertain.
© FoodBev Media Ltd 2024
World Beverage Innovation Awards – NOW OPEN FOR ENTRIES!
The awards celebrate excellence and innovation across the global beverage industry. Don’t miss out on having your innovations recognised on a global scale.
Deadline for entries 23 July – enter now!
Don’t get left behind
Start your free Foodbev magazine trial today and join thousands of fellow industry professionals in receiving food and drink trends direct to our business.
Click here to start your free trial
Your privacy We use small files known as ‘cookies’ to enhance your experience of the FoodBev website and analyse site-traffic. Read about how we use cookies or how you may control them in our updated privacy policy and cookie policy. If you continue to use this site, you consent to our use of cookies. Click the ‘OKAY‘ button at the top right of this panel to accept or click here for more information.