The takeover of Dairy Farmers by Kirin subsidiary National Foods was officially completed on Tuesday, with the cheese joint venture between National Foods and Warrnambool Cheese and Butter (WCB) expected to begin operation early next year. Dairy Farmers Chairman Ian Langdon, who along with other directors will resign from the Dairy Farmers Board today, said the $910m acquisition of the business by National Foods stood to have a positive impact on Dairy Farmers’ shareholders as well as the... ...Read more »
The purchase of Dairy Farmers by National Foods will be implemented next week after receiving court approval today… Australian Co-operative Foods Limited (ACF), which trades as Dairy Farmers, today announced that the National Foods offer to acquire all of the shares in the Co-operative had been approved by the New South Wales Supreme Court. National Foods won shareholder approval last week for their $910 million proposal. ACF Chairman Ian Langdon said the court’s approval of the scheme... ...Read more »
Australian Co-operative Foods Limited (ACF), which trades as Dairy Farmers, and National Foods today announced that ACF members had approved the acquisition proposal by National Foods. On August 25 Dairy Farmers announced that National Foods had outbid other interested parties, with their $910 million offer. The deal involved a joint venture with Warrnambool Cheese and Butter for the cheese business of Dairy Farmers. National Foods have also since come to an arrangement to allow Fonterra to acquire... ...Read more »
The Australian Competition and Consumer Commission has granted final authorisation for the continuation of milk pricing and milk purchasing policies between Dairy Farmers Milk Co-operative (DFMC) Limited and Australian Cooperative Food Limited (ACF) following the sale of ACF to National Foods. DFMC acquires raw milk from its farmer members and sells this milk to ACF for processing into dairy products. National Foods proposed a $910m takeover of ACF in August, which received the approval of both... ...Read more »
Frucor, Groupe Danone’s Australian and New Zealand beverage business, has reportedly drawn the attention of a number of trade suitors as private equity firms drop out of the bidding. Danone has not yet officially put Frucor on the market but they announced a thorough review was underway in August and, with their recent refocus on health and wellness products, speculation of a sale has been strong. Frucor, New Zealand’s second largest non-alcoholic beverage manufacturer, is valued by analysts... ...Read more »
Australian Co-operative Foods Limited (ACF), which trades as Dairy Farmers, has announced that an independent expert has determined the National Foods proposal to acquire the Co-operative to be in the best interests of its members in the absence of a superior proposal. National Foods won the race for the Australian dairy co-operative (pending a shareholder vote) with a $910 million offer in August. ACF Chairman Ian Langdon said that the National Foods proposal - which would deliver members $5.65... ...Read more »
National Foods and Fonterra yesterday announced they had entered into an agreement which would allow Fonterra to acquire the SKI yoghurt licence and associated intellectual property if National Foods’ proposed takeover of Dairy Farmers is approved. National Foods, owned by Japanese-based Kirin Holdings, made an offer to purchase Dairy Farmers for $910 million which was unanimously recommended by the Dairy Farmers Board in late August. Shareholders in the Australian dairy co-operative have until... ...Read more »
The Australian Competition and Consumer Commission is proposing to authorise, for five years, milk pricing and milk purchasing policies between DFMC (Dairy Farmers Milk Co-Operative) and ACF (Australian Co-Operative Foods) to enable their continuation following the sale of ACF to National Foods*.DFMC acquires raw milk from its farmer members and sells this milk to ACF for processing into dairy products. Agreements in place between ACF and DFMC require DFMC to adopt the same price and purchasing arrangements... ...Read more »
Reports suggest that strong interest has been generated in both the potential sales of Cadbury’s Australian beverage division and Frucor - owned by Danone. Companies consistently linked to bids have included P&N Beverages, Coca-Cola Amatil and National Foods, although competition concerns could play a factor in the process, with Coca-Cola Amatil likely to be the most heavily scrutinised by the ACCC - according to analysts. Groupe Danone reported at the end of August that a review of their... ...Read more »
Parmalat has attempted to quash rumours of an Australian exit, which have escalated in the wake of their failed attempt to purchase Dairy Farmers. Parmalat had planned to bid for Dairy Farmers but failed to come to a suitable arrangement with their proposed joint venture partner - Murray Goulburn - and consequently pulled out of the race for the Australian dairy co-operative. Prior to sale of Dairy Farmers, Parmalat Chief Executive Enrico Biondi indicated that a sale of their Australian dairy... ...Read more »