The biggest fresh berry company in the world,Driscoll's,has bought a slice of Australian fruit and vegetable giant Costa Group
Australia's stock market increased more than 20 per cent in 2019 and hit all-time highs,despite deep uncertainty.
A commodity price surge and fresh overnight records on Wall Street led Australian stocks higher on Friday.
The local sharemarket ended in the red after tapping fresh record highs early in the session,as BHP and the banks weighed on the bourse.
Fruit and vegetable giant Costa has successfully raised $176m,but Citi analysts are warning of a"challenging year"as soft mushroom prices look set to persist.
A hail storm has ripped through some of Costa Group's South Australian citrus farms,ratcheting up the pressure on the already squeezed fresh food producer.
Bega chairman Max Roberts was in the kitchen of a farmhouse a couple of weeks ago when he was presented with some clothes pegs.
Robert Costa from the famous Costa fruit and vegetable family says he will commit $2.75 million to buy new shares in the company that bears his family's name.
Investors have sliced almost a quarter off the value of shares in the fruit and vegetable giant after the company's stock resumed trading this morning.
Costa Group boss Harry Debney says the fruit and vegetable giant would be"in good shape"if its crops were not hit by drought and associated extreme heat.
Bega Cheese has been whacked by investors after it became the latest business to issue a profit warning over its 2020 earnings.