SHARES in Bega Cheese have surged to a record high after the world's biggest dairy exporter Fonterra bought a six per cent stake in the NSW company.
New Zealand-based giant Fonterra is expected to continue its buy-up of Bega shares, but the century-old Bega has a 10 per cent shareholder cap.
Fonterra Co-operative Group announced on Friday it had bought a six per cent stake in Bega, paying $4.95 a share, or a 12 per cent premium on Bega's Thursday closing price.
The news of Fonterra's $46 million share buy-up sent Bega shares to a record high of $4.94, before closing at $4.83, up 42 cents, or 9.5 per cent.
Fonterra already licenses the Bega brand and has a cheese supply contract with the Australian company.
The acquisition comes as Bega is embroiled in a takeover battle for Warrnambool Cheese and Butter.
Bega owns about 18 per cent of Warrnambool, and has offered 1.2 of its own shares plus $2 cash for the Victorian dairy producer.
After Friday's share price surge, that offer is valued at almost $7.80 per Warrnambool share.
Fellow Warrnambool shareholder Murray Goulburn Co-operative has offered $7.50 a share, but both have been trumped by Canada's Saputo bid of $8 cash, which has won backing from Warnnambool's board.
Japan's Kirin has further complicated the takeover tussle, buying a 10 per cent stake in Warrnambool through its Lion subsidiary earlier this week.
"There has recently been a lot of consolidation in the Australia dairy industry," Fonterra chief executive Theo Spierings said.
"It's important that Fonterra participates and we have confidence in Bega and the strategy it is pursuing."
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