Following an independent expert’s valuation, Bega Cheese will sell its 49 per cent share in Vitasoy Australia Products to joint venture partner Vitasoy International for $51 million.
60 million litres of plant-based milk each year.
(Image: Vitasoy Australia)
In October 2022, Vitasoy International took Bega by surprise, announcing its intention to exercise a call option right to buy Bega’s shareholding on the Hong Kong Stock Exchange.
Bega’s shareholding was held by its subsidiary National Foods Holdings.
In November, Vita International offered Bega $27.5 million for its share, a price rejected by the company as substantially less than its value. The independent expert was then called in to evaluate the business.
Bega subsidiary BDD Milk will provide transition services including the sale and distribution of Vitasoy Australia’s products in Australia until 31 March.
Data from IRI Total Business Scan reports the Australian plant-based milk category is worth $380 million with annual growth of around 11.7 per cent.
The company said it recognised the growing market importance of plant-based beverages and products and is assessing its options
