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 »

Reports of Murray Goulburn making a solo bid for Dairy Farmers early last week appear to be accurate, with the company asking for approval of a potential takeover of Dairy Farmers from the Australian Competition and Consumer Commission. Murray Goulburn was initially planning to make a joint bid with Parmalat, but the two companies could not come to terms on an appropriate deal. Negotiations between the two officially ceased a week and a half ago. The proposal by Murray Goulburn is for 100% of Dairy... ...Read more »

Parmalat has failed to reach an appropriate agreement with their proposed joint venture partner, Murray-Goulburn, as they seek to acquire Dairy Farmers. The two companies withdrew their application for ACCC clearance on Friday, with the Italian dairy giant citing an inability to come to a suitable arrangement as the reason for the decision. “Parmalat SpA communicates that no mutually satisfactory resolution on terms and conditions has been reached and consequently Parmalat has withdrawn from... ...Read more »

The Australian Competition and Consumer Commission has approved the proposed bid for Dairy Farmers by National Foods and Warrnambool Cheese and Butter, but raised concerns regarding the Parmalat SpA and Murray-Goulburn joint bid. The clearance of National Foods followed their recent submission to the ACCC, which highlighted that they would be willing to licence brands and sell processing plants in order to decrease the impact a takeover would have on competition. This appeased the concerns of the... ...Read more »

The battle for ownership of Dairy Farmers is now between three contenders, according to reports. The Australian Financial Review believes that Canadian firm Saputo has entered the fray and will now compete with Parmalat and National Foods to purchase the Australian co-operative. The three companies are believed to have submitted formal bids on Friday for the company valued at up to $1b. For months, Saputo, Canada’s largest cheese maker and the world’s 15th largest dairy processor, had... ...Read more »

The ACCC’s decision on approval for Parmalat and Murray-Goulburn’s proposed bid for Dairy Farmers has been delayed until next Thursday. The findings were initially due today but, at “the request of the parties”, the announcement has been put off until next week. Just-Food reported earlier this week that Parmalat believed a decision on the battle to buy Dairy Farmers could be revealed this week, but, given the ACCC has yet to grant approval to any bidder, this appears... ...Read more »

National Foods has offered the ACCC a proposed undertaking to address any competition concerns that the ACCC may have with their proposed takeover of Dairy Farmers. National Foods, a subsidiary of the Japanese-owned Kirin Holdings, announced in April that they would combine with Warrnambool Cheese and Butter (WCB) to make a joint bid for the Australian dairy co-operative. The ACCC commenced a public, informal review into their proposal on April 17 to determine the competition implications of a takeover. National... ...Read more »

Olam International Limited, a leading integrated supply chain manager of agricultural products and food ingredients, today announced that it will invest and acquire 24.99% equity interest in Dairy Trust Limited (”DTL”), which is poised to become New Zealand’s second largest dairy processing company. The total value of their investment will be just above NZ$100 million (around A$80 million) after they sell their 19.9% stake in Open Country Cheese Co. to DTL. The deal enables Olam... ...Read more »

Leading dairy companies Fonterra and National Foods are reportedly discussing the option of a joint bid for Australian dairy co-operative Dairy Farmers. Both companies have already sought ACCC approval for separate bids but a deal between the two is now in the offing. The idea would likely suit Fonterra as their desire to engage in a bidding war would have been reduced by their recent purchase of Nestlé’s Australian dessert and yoghurt operations. It is rumoured that the NZ dairy giant... ...Read more »

National Foods Limited (NF) and Warrnambool Cheese and Butter Factory Company Holdings Ltd (WCB) yesterday announced their joint interest in pursuing an acquisition of Dairy Farmers. Although, their interest has been obvious since they sought a clearance from the ACCC for the proposed takeover back on April 17. If National Foods are successful in acquiring Dairy Farmers, it is proposed that NF and WCB will form a joint venture to run the existing cheese business of Dairy Farmers. Key aspects of the... ...Read more »