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 »
Kirin Holdings, Japan’s largest brewer and owner of Australian-based National Foods, has won the battle to acquire dairy co-operative Australian Co-Operative Foods (ACF) Limited (Dairy Farmers). In conjunction with Warrnambool Cheese and Butter, National Foods outbid other interested parties, which reportedly included Saputo and Murray Goulburn. Dairy Farmers announced today that National Foods will acquire all of the shares in the Co-operative for a cash consideration of $5.65 per share,... ...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that no mutually satisfactory resolution on terms and conditions has been reached and consequently Parmalat has withdrawn from...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 »
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 »