Vegemite owner Bega Cheese has officially taken ownership of the Lion Dairy and Drinks business which includes big brands such as Dairy Farmers, Yoplait, Big M, Masters and Farmers Union iced coffee.

Bega executive chairman Barry Irvin said on Monday that the transfer of ownership marked a “significant day in the history of Bega” as it presses ahead with plans to become an Australian-owned powerhouse in the food and drinks industry.