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Dairy Farmers of America, the country’s largest milk co-op, said on Monday that it’s reached a deal to purchase a “substantial portion” of the bankrupt milk company Dean Foods.
Details: DFA will pay a base purchase price of $425 million to acquire 44 of Dean’s facilities and associated direct store delivery system plus other assets.
Why it matters: This merger is already under antitrust scrutiny by the Department of Justice, which has been investigating how the deal would affect pricing and competition given the two companies’ dominance in the industry.
The bottom line: “Dean’s bankruptcy followed a yearslong decline in sales of fluid milk, the Dallas company’s main business. Bottled water, fruit juices and plant-based milk alternatives have crowded out milk cartons in grocery store beverage cases, pressuring the milk business.” — Jacob Bunge, WSJ.
Go deeper: China is driving milk prices higher