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Capitalism

September 21, 2020 - Bloomberg Business

Should Dairies Go Vegan? I Know, It Sounds Nuts

Should Dairies Go Vegan? I Know, It Sounds Nuts
Plant-based milk selection in grocery store© Photabulous!

How’s this for an instance of life imitating a hoax?

A spoof press release sent to journalists in February falsely stated that the U.K. unit of Danish dairy company Arla Foods amba was going to switch to producing only oat milk by 2030 to reduce its carbon emissions. No such plan was in the works — the release appears to have been sent out by an anonymous activist 1 — but within days Canadian dairy giant Saputo Inc. said it would plan to acquire a plant-milk business, and a month later Arla announced its own oat-milk brand.

They’re not the only players getting in on the act. Sweden’s Oatly AB, whose investors include Oprah Winfrey, Jay-Z and Natalie Portman, is considering an initial public offering at a valuation of as much as $5 billion, people with knowledge of the matter told Ruth David, Kiel Porter and Vinicy Chan of Bloomberg News.

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