Banks lend a shitload to Bega to buy back Vegemite

While the New South Wales premier announced his retirement today, while radical politicians argue about what date “Australia Day” should fall on, and while the rest of us are unsure if we”ll be feeling patriotic or hypocritical waving a red, white and blue flag next Thursday, you may find comfort in the knowledge that Vegemite will once again be fully Australian-owned. Or not.

The iconic brand will be “locally-owned” once again after Bega Cheese agreed to buy it along with a host of other well-known food products for a hefty sum of $460million.

A vintage ad for Vegemite.

Bega announced this morning it will acquire Vegemite along with Bonox, Zoosh (mayonnaise) and a host of Kraft products under a deal to purchase most of Mondelez International’s grocery business, revealing that the deal will be funded by bank debt.

Which is what this country – currently unsure of its identity – needs right now: more corporations sponging off our hard-earned money, lending us a false sense of patriotism of “getting a bit of our culture back” while, in actual fact, it’s the banks who ultimately own the damn thing.  Antonino Tati