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HUGE News For Vegemite Fans!

Vegemite will be back in Australian hands after Bega Cheese agreed to buy brands including the iconic spread for $460 million.

Bega said on Thursday it will acquire Vegemite, ZoOSh mayonnaise and Bonox under the deal to buy most of Mondelez International's Australia and New Zealand grocery and cheese business.

"In addition to Vegemite and the other brands being undeniably iconic, the people we are taking on are very impressive and will play an important role in growing the merged business," Bega executive chairman Barry Irvin said in a statement.

Bega will also get the right to use the Kraft brand under licence for products including peanut butter, nut spreads, processed cheese slices, parmesan and others, as well as Mondelez's Port Melbourne site.

The deal will be funded by bank debt.

"We're extremely proud of our history as the custodian of the Vegemite brand for over 90 years, transforming it from its local roots into a global icon that's synonymous with Australia," Mondelez International vice president Amanda Banfield said.

"It's been a privilege stewarding this brand, which is found in almost every Australian household and is part of the fabric of the nation."

AAP

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