Milcobel and Wisconsin WP cost RFC well over €400 million

The acquisition of Wisconsin Whey Protein and the merger with Milcobel cost FrieslandCampina more than €400 million in the first half of this year. This is evident from the recently published half-year report.A merger with another cooperative is in principle always carried out on a cash-free basis, but there are often costs associated with a merger, just as there can also be benefits. How much the merger with Milcobel ultimately cost or yielded FrieslandCampina is not stated in the annual report. It is also not stated what the acquisition of Wisconsin Whey Protein cost in total. What is stated is what both operations together cost in the first half of 2026. In net terms, this amounts to €413 million. According to the report, of this amount €66 million consists of a repaid loan, the rest can be regarded as the purchase price. It seems a safe assumption that the greater part of this amount - if not all - was paid for Wisconsin Whey Protein. The repaid loan could be related to the merger with Milcobel. On the other hand, the merger with Milcobel also yielded FrieslandCampina something, such as part of the proceeds from Ysco and possibly other assets of Milcobel. However, the half-year report does not mention anything about that. FrieslandCampina has officially not communicated anything about the acquisition price paid for Wisconsin Whey Protein.