Mining billionaire 'Twiggy' Forrest buys a slice of Bega Cheese worth over $100 million
It gives him a 6.6% share of the company.
Andrew 'Twiggy' Forrest, a mining billionaire and Australia's second richest man, has announced the purchase of more than 20 million shares in Bega Cheese, making him the fourth-largest shareholder in the company.
The shares are worth around $108 million, according to the ABC.
Forrest's purchase comes after shares in the company fell 10% due to a rocky forecast for next year - however, Bega's share price did rise over 33% over the last 5 years, showcasing its successful transition from an agricultural cooperative into one of the largest dairy companies in Australia.
Mr. Forrest also purchased Australian bootmaker R.M Williams in 2020, a company that was founded in 1932.
Forrest's big leap of faith in the company follows its recent purchase of another dairy company, Lion Dairy & Drinks (now known as Bega Dairy & Drinks) for $560 million in early 2021.
Bega's Executive Chairman, Barry Irvin, said at the time that the acquisition "doubles the size of the company with revenue of $3 billion and brings together great brands including Bega Cheese, Vegemite, Dare, Farmers Union, Dairy Farmers, Yoplait, B Honey, Big M, Masters, Juice Brothers and Berri."