Tattarang secured more than 20 million shares between November 10 and December 29 for more than $108 million.
It follows a trading update announcement by Bega Cheese on December 23 where it stated it “continues to be pleased with the strategic position of the company and progress on the integration and synergy realisation of the Lion Dairy and Drinks acquisition”.
In the announcement Bega Cheese said Australian and international markets remained strong and that its diversity meant the company had dealt well with challenges associated with COVID-19.
“These impacts have been extensive and significant ranging from market disruption in Australian food service channels as a result of lockdowns, structural change in the Chinese infant and toddler dairy nutritional market, significant operational disruption including factory shutdowns, major changes to operations and logistics scheduling, increased safety and testing regimes, major cost increases and shortages across the entire supply chain,” the update said.
The company said despite good seasonal conditions, supply remained flat and competition for milk remained strong.
Bega Cheese said it expected this would impact 2022 financial year earnings, forecasting normalised earnings before interest, taxes, depreciation and amortisation in the range of $195 to $215 million, an increase from $142 million for the 2021 financial year.
