Sydney — Vegemite, the iconic yeast spread found in almost every kitchen Down Under, is heading back to Australia as part of a record A$460 million ($345 million) acquisition by Bega Cheese Ltd. Bega, best known for its cheddar cheese, is buying a suite of brands including Zoosh salad dressings and beef drink Bonox from Illinois-based Mondelez International, it said Thursday in a statement. The debt-funded deal will transform dairy producer Bega into a consumer-goods company. Its shares jumped the most in more than a year. Found on the shelves of 90% of Australian kitchens, Vegemite was first made locally by the Fred Walker Co in 1922, which later merged with Mondelez’s parent, Kraft. While the sticky, salty, love-it-or-hate-it spread is unknown to most Americans, every Australian adult typically buys a jar each year, according to Bega. The acquisition of Vegemite and the other brands hands Bega almost one third of Australia’s A$550m spreads market. "This was a rare opportunity," Be...
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