This chapter studies the internationalization of the Swedish–Danish dairy corporation Arla. During a period of 100 years the dairy sector went from being at the focus of national and regional interest, the industry has become global. In some geographical markets, or in particular market areas, these transnationals – corporations as well as cooperatives – may compete fiercely, and their growth strategy is often to merge with or acquire local producers. However, these multinational firms also actively cooperate in other areas (e.g. in branding or distribution) or on other geographical markets. This may take the form of strategic alliances, such as joint ventures. Thus, coopetition – cooperation and competition – has been a common recent strategy. In the case at focus in this study, Arla Foods a.m.b.a. mergers are conducted with cooperatives in European countries, while businesses that are located further away are taken care of through exports and joint ventures. The main contribution of this article is that it employs internationalization theory and places the globalization of cooperatives in the middle of the academic discussion about internationalization. A recommendation for further studies is to both dig deeper into the changing nature of cooperatives historically, but also to look closer at the strategic deals that global expansion of cooperatives is based on.