Vitasoy International has announced its intention to take full ownership of its joint venture with Bega Cheese, Vitasoy Australia Products.

The Hong Kong-based company currently owns 51% of Vitasoy Australia, which makes plant-based beverages and yogurts, through its subsidiary Vita International.

Bega became a partner in the joint venture as part of its acquisition of Lion Dairy & Drinks in 2021 and owns a 49% stake through its subsidiary National Foods. Under the terms of the original deal, Vitasoy International has the right to buy out Bega’s holding in the business.

In a statement to the Hong Kong Stock Exchange, Vitasoy said that Australia’s Foreign Investment Review Board (FIRB) had granted it permission to move forward with the acquisition.

The announcement read: “The board of directors of the company is pleased to announce that the Australian Foreign Investment Review Board has issued a no-objection notification, which confirms the Australian government has no objections to the potential acquisition by Vita International of the remaining 49% of the issued share capital in Vitasoy Australia that is currently held by National Foods”.

The statement added: “As at the date of this announcement, and in light of the FIRB approval, it is the intention of the board of Vita International to exercise the call option”.

The call option can be exercised from the end of October for a 90-day period.

However, Vitasoy highlighted that “shareholders and potential investors in the company should be aware that the exercise of the call option may or may not proceed” and that if it does, the terms are uncertain.

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