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ACCC weighs up Dairy Farmers bids
25 Jul 2008
The National Foods bid for Dairy Farmers has cleared competition regulator approval with the ACCC yesterday accepting the National Foods proposal to divest assets to ease competition concerns. National Foods, owned by Warrnambool Cheese and Butter and Japan''s Kirin holdings, proposed two weeks ago to sell two milk processing plants and license key brands to help win approval. The regulator is seeking submissions regarding the rival bid by Parmalat. Parmalat and local partner Murray Goulburn propose to purchase Dairy Farmers and split the business in two. One company, to be known as Fresh Dairy, would combine the fresh milk operations of Dairy Farmers, Parmalat and Murray Goulburn to control 50 per cent of fresh white milk sales in Australia. The second company, under the control of Murray Goulburn would produce non-fresh products such as cheese, UHT milk and milk powder. Warrnambool''s share price lifted yesterday 1.2 per cent to $4.20.
Business Spectator, 25/07/2008
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