On Monday afternoon the Bega Cheese Ltd (ASX: BGA) share price is trading lower despite the release of a positive announcement.
At the time of writing, the diversified food company’s shares are down slightly to $5.34.
What did Bega announce?
This morning Bega provided a market with an update on the acquisition of the Lion Dairy & Drinks business.
According to the release, the $534 million acquisition has now completed successfully and Bega has taken control of brands such as Dare, Farmers Union, Yoplait yoghurts, Pura milk, and Juice Brothers juices.
In addition to this, this acquisition sees Bega take control of Australia’s largest national cold chain distribution network supplying food service and convenience stores.