M&As: Dairy’s biggest deals in 2025
From Lactalis’ major takeover Down Under to co-operative mergers in Europe, here are the deals that defined 2025
Mergers & acquisitions
Soaring protein demand powers FrieslandCampina’s strategic expansion
The Dutch company has made its biggest ingredients investment yet as it bets on the protein boom to continue
Unilever sets new date for ice cream demerger
A new date has been announced for The Magnum Ice Cream Company’s demerger and share consolidation
Should Fonterra vote for or against Lactalis’ deal?
We weigh up the reasons in favor and against Lactalis’ NZ$4.22bn proposal for Mainland Group as Fonterra shareholders cast their vote
Unilever ice cream demerger delayed
With just weeks remaining before its planned spin-off, the demerger of The Magnum Ice Cream Company has been postponed
Opinion
Will Lactalis cut Fonterra’s farmers loose?
A political storm is brewing Down Under as Fonterra’s shareholders vote on the co-op’s megadeal with Lactalis
Danone’s Lifeway acquisition collapses
As talks between the two parties fall through, one question looms large: will Julie Smolyansky’s leadership survive?
Kraft Heinz split confirmed
The food giant will split into two focused companies - one global, one domestic - in a bid to simplify operations and unlock brand potential
Why Fonterra sold its global consumer business
From streamlining operations to securing a windfall for farmers, here’s why Fonterra is divesting US$2.5bn worth of assets
Why Lactalis bought Fonterra’s Mainland Group
What does dairy’s richest player stand to gain?
Lactalis to buy Fonterra’s Mainland Group for US$2.2bn
The sale is set to complete in H1 2026 subject to approvals and farmer shareholder vote
Third time lucky? Danone, Lifeway in fresh acquisition talks
After twice failing to reach an agreement, Danone and Lifeway Foods are talking again - but is a deal in sight?
Lactalis edges closer to acquiring Fonterra’s Mainland Group
Australia’s competition body does not oppose a potential deal between the two dairy majors - so will it go ahead?
How are Europe’s largest dairy mergers progressing?
We look at the latest European dairy consolidation activity and what it means for the sector
How Yoplait fits into Lactalis’ US yogurt empire
As Lactalis USA acquires General Mills’ US yogurt business, how does Yoplait fit into the dairy major’s portfolio?
Unilever slams Ben & Jerry’s lawsuit
Unilever wants to throw out B&J’s explosive case, which includes allegations of censorship and firing its CEO
Danone homes in on gut health trend with The Akkermansia Company acquisition
The Akkermansia Company has been acquired by Danone as the global food company looks to invest further in gut health and next-generation biotic science.
Going ahead: General Mills’ billion-dollar yogurt deal with Lactalis
The eye-watering sale was greenlit after the US Department of Justice did not find competition risks
Danone tightens grip on $1bn+ whole foods tube feeding market with Kate Farms acquisition
Danone acquires Kate Farms in strategic move to bolster whole foods tube feeding offering
Lactalis, Bega, among suitors for Fonterra’s Oceania assets
The largest global dairy group has applied for regulatory clearance – but a local player is also in the running
Arla, DMK to form Europe’s largest dairy
The proposed merger would create a 12,000+ dairy business that produces nearly 25 billion liters milk per year
Müller acquires Biotiful in functional dairy push
The dairy major has snapped up the top-selling British kefir brand in a bid to enter the functional dairy space
FrieslandCampina, Milcobel in talks to form new mega-dairy
The new entity would be among the largest European dairy firms with a combined revenue of nearly $14.5bn
Kerry completes first phase of dairy business disposal
The Irish food and drinks major remains a shareholder in the consumer dairy and ingredients business but move heralds ‘significant step in Kerry’s history’
Kerry to sell dairy division, focus on taste and nutrition under simplified structure
In a move towards consolidation, the Irish food major is set to offload its consumer dairy and ingredients business and focus on taste and nutrition solutions.
Regulators approve Arla’s acquisition of Volac’s whey nutrition business
The UK’s Competition and Markets Authority (CMA) has approved Arla Foods Ingredients’ acquisition of Volac’s Whey Nutrition business to expand its sports nutrition portfolio.
Fonterra reveals ‘meaningful buyer interest’ for consumer businesses
The co-op will pursue two ‘attractive’ divestment options for its non-core businesses as part of a consolidation strategy announced in May 2024.
Valio spinoff Oddlygood acquires UK alt milk brand Rude Health
The deal is for an undisclosed sum and will not result in immediate changes to product offerings.
Lactalis and Sodiaal to acquire General Mills’ $2.1bn North American yogurt business
In a hotly-anticipated ‘elephant deal’, Häagen-Dazs owner General Mills has agreed to sell its US and Canada yogurt businesses, including brands Yoplait and Liberté.
What's behind the major dairy business shake-ups of 2024?
From Unilever’s ice cream division to Fonterra’s consumer and integrated divisions, some of the global dairy majors have opted to change their organizations. Why?
Milcobel to sell ice cream maker YSCO, focus on dairy portfolio
Europe’s second largest private label ice cream company is to be sold after the Belgium dairy co-operative decided to focus on its dairy ingredients and consumer products.