Kirin Holdings Co Ltd. said Monday it has agreed to buy Dairy Farmers for 910 million Australian dollars (¥88.5 billion) in cash and assumed debt to extend its position as Australia's largest seller of fresh milk.
The deal, unanimously recommended by the Dairy Farmers board, is subject to 75 percent shareholder approval, the Sydney-based milk producer said in an e-mailed statement.
Tokyo-based Kirin teamed with Warrnambool Cheese & Butter Factory Co. on the bid, with the companies to establish a joint venture for cheese.