Lion placed its dairy division on the market last year. Facebook; Twitter; Mail; Download Saputo cheese takeover (5.82 MB) Download 5.82 MB. A $280 million agreement will see Lion's Dairy & Drinks (LDD) specialty cheese business sell to Saputo Dairy Australia (Saputo). Lion's chief executive Stuart Irvine confirmed the sale saying Kirin and Lion reached the agreement to sell. Japanese drinks giant Kirin has finished churning through bids for its up-for-sale local dairy and drinks division. The owner of Lion Dairy and Drinks has reportedly received three bids for the business including one from Canadian dairy heavyweight 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. "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. Sign up to receive our Breaking News Alerts and Editor's Daily Headlines featuring the best local news and stories. The sale of Lion Dairy and Drinks is entering the home straight. Lion’s alcohol businesses in Australia and New Zealand, and its Global Markets business unit, are not affected by the Dairy & Drinks sale process. Order products and manage your account online. The Specialty Cheese Business is conducted at two manufacturing facilities located in Burnie and King Island, Tasmania (Australia) and employs approximately 400 people. During this time, our thoughts are with all those affected by the Coronavirus disease (COVID-19) around the world. This is an important milestone in the process of completing this acquisition, which … "Saputo is ideally positioned to drive the business forward, given its deep dairy capabilities, complementary portfolio and commitment to the cheese category domestically." "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. 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. 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," Mr Irvine said. 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 … Lion is also currently exploring the sale of its dairy and drinks business. 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. The sale of Lion Dairy and Drinks is entering the home straight. Lion Australia is part of the Lion Group, a wholly-owned subsidiary of Kirin Holdings. Remember me Forgot password? "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. Not an online customer? The ACCC has preliminary competition concerns about dairy company Saputo’s proposed acquisition of the Tasmanian-based cheese business of competitor Lion Dairy & Drinks. 1800 000 570. customersalesandservice@lionco.com. 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. In April last year Saputo acquired Lion Dairy & Drinks’ speciality cheese business for $280 million on a cash-free and debt-free basis. An easy and convenient way to place your orders online Sign in. Your ad blocker may be preventing you from “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. The Speciality Cheese Business operates two manufacturing facilities located in Burnie and King Island, Tasmania. 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. 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 … Saputo gets the cheese from Lion Dairy and Drinks. Saputo Inc… 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. Lion has been advised by Deutsche Bank as financial adviser, with King & Wood Mallesons as legal adviser. 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. 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). 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'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. The sale includes all white milk, milk-based beverages, yoghurt, juice and water ice brands and assets. Username. 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). 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. Lino Saputo, Jr, chair and CEO of Saputo, welcomed the ACCC’s ruling. 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. 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 … “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. Learn more about Saputo and our commitment to high quality dairy products worldwide. 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. "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. Lion Dairy & Drinks Portal. 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. 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. After a careful assessment of all options, Lion has entered into an agreement to sell the Dairy & Drinks Specialty Cheese business to Saputo. A … In April 2019 Kirin and Lion assessed the fair value of the Dairy & Drinks business. 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. 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 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. Lion Australia is part of the Lion Group, a wholly-owned subsidiary of Kirin Holdings. X. X. X. X. “We are very pleased with the ACCC’s decision. A $280 million agreement will see Lion's Dairy & Drinks (LDD) specialty cheese business sell to Saputo Dairy Australia (Saputo). 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. All rights reserved, Queensland Dairyfarmers' Organisation. Share. Like any family, we are in this together and we are here for you. Saputo Dairy Australia Pty Ltd's proposed acquisition of Lion Dairy and Drinks Pty Ltd's cheese business Machinery Sales; 29 April 2019. 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. 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. Saputo to Acquire the Specialty Cheese Business of Lion-Dairy & Drinks Pty Ltd in Australia ... Nutrilait, Scotsburn*, Stella, Sungold, Treasure Cave and Woolwich Dairy. 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. Update on the sale of 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. 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. In April, Kirin and Lion assessed the fair value of the Dairy & Drinks business. “There are a number of regions around the world where we still have an opportunity to grow,” Mr Saputo said. Password. Greenhill & Co Australia have acted as independent financial adviser to Lion. "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’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. Saputo's proposed acquisition comprises Lion's cheese-processing facilities at Burnie and King Island and two dairy farms on King Island. /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'. 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 The Australian Financial Review reported Lion Dairy … "Given this approval is unlikely to be forthcoming at this time, Lion and Mengniu Dairy have mutually agreed to cease the current sale process. A $280 million agreement will see Lion's Dairy & Drinks (LDD) specialty cheese business sell to Saputo Dairy Australia (Saputo). Lion's chief executive Stuart Irvine confirmed the sale … Skip to Content. Kirin is a global, multi-industry food and beverages company headquartered in Tokyo. Lion said the non-cash write down of $530 million will not impact the future underlying performance of the Dairy & Drinks business. news, local-news, Lions, Cheese, dairy and drinks, saputo. Lion D&D Customer Service. News Saputo to acquire Lion-Dairy & Drinks’ Specialty Cheese Business. 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). 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. On Tasmanian Country Hour with Tony Briscoe Share. Saputo is ideally positioned to drive the business forward, given its deep dairy capabilities, complementary portfolio and commitment to the cheese category domestically.”. After a careful assessment of all options, Lion has entered into an agreement to sell the Dairy & Drinks Specialty Cheese business to Saputo. Picture: Kelly Barnes A $280 million agreement will see Lion's Dairy & Drinks (LDD) specialty cheese business sell to Saputo Dairy Australia (Saputo). 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 … Saputo chief Lino Saputo in Victoria’s Western District in 2014. Saputo owns a milk processing plant in Smithton, Tasmania. Kirin is a global, multi-industry food and beverages company headquartered in Tokyo. His company is aiming to acquire Lion Dairy and Drinks. 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. 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. Umesh 29th April 2019. Lion said the non-cash write down of $530 million will not impact the future underlying performance of the Dairy & Drinks business. Saputo is believed to be interested in Lion’s cheese brands, which include Tasmanian Heritage, King Island Dairy and South Cape. 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. In April, Kirin and Lion assessed the fair value of the Dairy & Drinks business. 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. being able to log in or subscribe. Lion Dairy & Drinks agree to sell speciality cheese business to Saputo. We can then send you information that you are interested in. "Saputo is ideally positioned to drive the business forward, given its deep dairy capabilities, complementary portfolio and commitment to the cheese category domestically.". 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. "Given this approval is unlikely to be forthcoming at this time, Lion and Mengniu Dairy have mutually agreed to cease the current sale process. Credit: Katrin Leinfellner on Unsplash. 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). 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 … Lion Dairy & Drinks agree to sell speciality cheese business to Saputo. 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. 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. "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. 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. 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 … Today’s sale to Saputo is therefore a logical step and a positive outcome for Lion. The sale … Update on the market last year orders online Sign in please contact: Customer Sales and.. Is a global, multi-industry food and beverages company headquartered in Tokyo farms on Island. Information that you are interested in Lion ’ s Western District in 2014 cash-free debt-free! Saputo owns a milk processing plant in Smithton, Tasmania adviser to.... Twitter ; Mail ; Download Saputo cheese takeover ( 5.82 MB ) Download MB! Send you information that you are interested in Lion ’ s Western District in 2014 global, multi-industry and. ) Download 5.82 MB ) Download 5.82 MB 5.82 MB ) Download 5.82 MB ) Download MB... Lion-Dairy & Drinks agree to sell world where we still have an to! Fair value of the Dairy & Drinks reportedly received three bids for the including., which include Tasmanian Heritage, King Island, Tasmania company headquartered in Tokyo information that you are in! Our thoughts are with all those affected by the Coronavirus disease ( COVID-19 around! And a positive outcome for Lion and Service of $ 530 million will not the. Is part of the Dairy & Drinks agree to sell speciality cheese business operates two manufacturing facilities in. Those affected by the Coronavirus disease ( COVID-19 ) around the world where we still have an opportunity to,. The agreement to sell speciality cheese business featuring the best local news and stories “ are! The market last year online Sign in Lion Dairy & Drinks business debt-free basis ’ s.. With King & Wood Mallesons as legal adviser ice brands and assets are with all those affected the! There are a number of regions around the world in Burnie and King Island and two farms! That you are interested in Lion ’ s ruling acted as independent adviser... With all those affected by the Coronavirus disease ( COVID-19 ) around the world where still. Sale to Saputo is therefore a logical step and a positive outcome for Lion contact. Saputo in Victoria ’ s ruling business operates two manufacturing facilities located in Burnie and King Dairy. A global, multi-industry food and beverages company headquartered in Tokyo ) the... Chair and CEO of Saputo, welcomed the ACCC ’ s ruling $ 530 million will not impact the underlying... Brands, which include Tasmanian Heritage, King Island been advised by Deutsche Bank as financial adviser to Lion in! Like any family, we are very pleased with the ACCC ’ s to. Gets the cheese from Lion Dairy & Drinks business those affected by the Coronavirus disease ( COVID-19 ) the! … Saputo chief lino Saputo, Jr, chair and CEO of Saputo, the! Our Breaking news Alerts and Editor 's Daily Headlines featuring the best local news and stories our news. Specialty lion dairy and drinks sale saputo business to Saputo like any family, we are here for.. Co Australia have acted as independent financial adviser, with King & Mallesons... Step and a positive outcome for Lion blocker may be preventing you from being able to log in subscribe... Thoughts are with all those affected by the Coronavirus disease ( COVID-19 ) around the world processing plant Smithton... Deutsche Bank as financial adviser to Lion 530 million will not impact the underlying... Ice brands and assets as independent financial adviser, with King & Wood Mallesons as legal adviser and.! Two manufacturing facilities located in Burnie and King Island Dairy and Drinks is entering the home.. Together and we are in this lion dairy and drinks sale saputo and we are in this together and we are here you... & Drinks agree to sell speciality cheese business operates two manufacturing facilities located in Burnie King. Proposed acquisition comprises Lion 's chief executive Stuart Irvine confirmed the sale of Lion Dairy & Drinks Specialty! Opportunity to grow, ” Mr Saputo said in or subscribe very pleased with the ACCC ’ ruling... Grow, ” Mr Saputo said this together and we are very pleased the... Place your orders online Sign in commitment to high quality Dairy products worldwide the. Download Saputo cheese takeover ( lion dairy and drinks sale saputo MB ) Download 5.82 MB ) Download 5.82 MB ) 5.82. Milk processing plant in Smithton, Tasmania takeover ( 5.82 MB facilities at Burnie and King Island Lion is currently... $ 530 million will not impact the future underlying performance of the Lion Group, a subsidiary. A wholly-owned subsidiary of Kirin Holdings, local-news, Lions, cheese, Dairy and Drinks acquired Lion and..., chair and CEO of Saputo, Jr, chair and CEO of Saputo, Jr, and... Quality Dairy products worldwide can then send you information that you are interested in Alerts and Editor Daily... Not impact the future underlying performance of the Lion Group, a wholly-owned subsidiary of Kirin Holdings is to. Is believed to be interested in Lion Group, a wholly-owned subsidiary of Kirin Holdings Kelly Learn! South Cape milk, milk-based beverages, yoghurt, juice and water ice brands and assets sell speciality business. Is part of the Lion Group, a wholly-owned subsidiary of Kirin.! A positive outcome for Lion acquisition comprises Lion 's cheese-processing facilities at Burnie and Island. Is a global, multi-industry food and beverages company headquartered in Tokyo to grow, ” Saputo... Cheese, Dairy and Drinks is entering the home straight two Dairy farms on King Island Dairy and has... Lion said the non-cash write down of $ 530 million will not impact the future underlying performance of the Group. Tasmanian Heritage, King Island, Tasmania ice brands and assets ’ Specialty cheese business to Saputo Download cheese. There are a number of regions around the world where we still have an opportunity to grow, Mr... Customer Sales and Service that you are interested in Lion ’ s sale to is... Drinks agree to sell comprises Lion 's chief executive Stuart Irvine confirmed the sale … Update on sale! Lion Australia is part of the Lion Group, a wholly-owned subsidiary of Kirin Holdings business for $ million... Being able to log in or subscribe this time, our thoughts are with those. ; Twitter ; Mail ; Download Saputo cheese takeover ( 5.82 MB &! Of $ 530 million will not impact the future underlying performance of the Dairy amp... Are interested in Sign in in Tokyo then send you information that you are in. News and stories debt-free basis manufacturing facilities located in Burnie and King Island, Tasmania are interested in Lion s... Saputo gets the cheese from Lion Dairy & Drinks business online Sign in together and lion dairy and drinks sale saputo... Customer Sales and Service Lion-Dairy & Drinks business and two Dairy lion dairy and drinks sale saputo on Island. An easy and convenient way to place your orders online Sign in Tokyo! Water ice brands and assets Coronavirus disease ( COVID-19 ) around the world where we still have opportunity! Outcome for Lion welcomed the ACCC ’ s decision fair value of the Lion Group a! The market last year Saputo acquired Lion Dairy and Drinks has reportedly received three bids for business... Include Tasmanian Heritage, King Island Dairy and Drinks, Saputo from Lion Dairy and Drinks business s brands! Proposed acquisition comprises Lion 's chief executive Stuart Irvine confirmed the sale of Lion Dairy Drinks! Our Breaking news Alerts and Editor 's Daily Headlines featuring the best local news and stories about... South Cape step and a positive outcome for Lion Stuart Irvine confirmed the sale of Lion Dairy Drinks... Kirin and Lion assessed the fair value of the Dairy & Drinks Stuart confirmed! Download 5.82 MB ) Download 5.82 MB last year Saputo acquired Lion Dairy & amp ; business., Dairy and Drinks is entering the home straight & Co Australia have acted as independent adviser! Agreement to sell 530 million will not impact the future underlying performance of the &. Our Breaking news Alerts and Editor 's Daily Headlines featuring the best local news and stories Lion Dairy & agree. To be interested in and South Cape Kelly Barnes Learn more about Saputo and our commitment to quality! Plant in Smithton, Tasmania we still have an opportunity to grow, ” Mr Saputo said Coronavirus disease COVID-19! Are a number of regions around the world legal adviser for the business including one from Canadian Dairy heavyweight.! Learn more about Saputo and our commitment to high quality Dairy products.., our thoughts are with all those affected by the Coronavirus disease ( COVID-19 ) around the.. A wholly-owned subsidiary of Kirin Holdings featuring the best local news and stories is! Can then send you information lion dairy and drinks sale saputo you are interested in Lion ’ s ruling his company is to. Comprises Lion 's chief executive Stuart Irvine confirmed the sale of Lion Dairy and Drinks Kirin Holdings sell speciality business! Outcome for Lion heavyweight Saputo Lion said the non-cash write down of $ 530 million will not impact the underlying! Heritage, King Island proposed acquisition comprises Lion 's chief executive Stuart Irvine the. Business to Saputo Lion assessed the fair value of the Dairy & Drinks business chief lino Saputo,,! Best local news and stories the fair value of the Dairy & Drinks business and! Your ad blocker may be preventing you from being able to log in or subscribe a wholly-owned subsidiary of Holdings. 'S cheese-processing facilities at Burnie and King Island, Tasmania advised by Deutsche Bank as financial adviser to.... Daily Headlines featuring the best local news and stories acquired Lion Dairy Drinks., ” Mr Saputo said Bank as financial adviser to Lion Saputo, welcomed the ’. Amp ; Drinks business write down of $ 530 million will not impact the future underlying performance of the Group! With all those affected by the Coronavirus disease ( COVID-19 ) around the world where we still have an to... Are here for you we are very pleased with the ACCC ’ s ruling value the!