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National Foods opens door to Fonterra offer
2 Nov 2004
National Foods said it would review its merger plans with cannery SPC Ardmona, to allow NatFood's shareholders to consider a $1.3 billion takeover offer from New Zealand dairy group Fonterra. However, the board of NatFoods recommended that shareholders reject Fonterra's offer. Fonterra already owns 17.2 per cent of NatFoods and has arranged to acquire a further 1.3 per cent of the stock subject to approval from the Foreign Investment Review Board.
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