Swisse sold to Chinese company for $1.67 billion; Cascade relaunches popular drink following consumer backlash: Midday Roundup

Australian vitamins giant Swisse has been sold to Hong Kong company Biostime for $1.67 billion.

Swisse was founded in the Melbourne suburb of St Kilda in the 1970s. Since then, the company has grown into a multi-million dollar business.

Swisse chief executive Radek Sali told Fairfax the company’s headquarters will remain in Melbourne.

“We have grown from small, family-owned business in the suburbs of Melbourne to become Australia’s number one wellness brand,” Sali said.

“We have done it on the back of an unwavering commitment to the highest standards of quality, safety and product efficacy.”

Cascade relaunches popular drink following consumer backlash

Coca-Cola Amatil is relaunching a popular fruit drink in the wake of customer backlash.

Coca-Cola changed the formula for the Cascade branded blackcurrant cordial in 2012 when it moved production from Tasmania to Victoria, following its acquisition of Cascade.

However Coca-Cola Amatil’s chief executive, Alison Watkins, told News.com.au the drinks maker had not realised how passionate its customers were about the blackcurrant-flavoured drink.

A Facebook page was quickly set up, with thousands of people calling for the “old” Cascade blackcurrant juice to be brought back.

“We totally underestimated the passion for Cascade Ultra-C and how discerning Tasmanians were,” Watkins said.

“We got feedback on no uncertain terms via a Facebook page that a number of our fans set up. It was very clear that while this was a small product to use, it was something consumers cared about very deeply.”

Shares down on open

Aussie shares have nudged higher this morning after initially opening lower in the wake of the US Federal Reserve’s decision to keep interest rates on hold.

Ric Spooner, chief market analyst at CMC Markets, said in a statement today’s stock market will likely remain subdued.

“The initial spike in US markets was reversed by the close of trade,” Spooner said.

“This appears likely to translate into a subdued opening on the local market this morning. While US stock market reaction to the Fed’s decision to leave rates on hold was limited, there have been more significant moves in bond markets, the US Dollar and gold. This may see support for gold stocks in today’s trading.”

The S&P/ASX200 benchmark was up 0.35%, rising 17.9 points to 5164.7 points at 11.35am AEST. On Thursday, the Dow Jones closed down 0.39%, falling 65.21 points to 16,674.74 points.