Tuesday, April 12, 2005
SanMig wins bid for dairy giant
SAN Miguel Corp. (SMC) has won the battle to acquire National Foods Ltd. after its rival for the acquisition of the Australian dairy giant, Fonterra Foods Pty Ltd., withdraw.
This comes after SMC last week raised its cash offer for the Melbourne-based National Foods to A$6.40 a share.
This translates to a total takeover price of about A$1.9 billion ($1.5 billion), reports said.
Fonterra said it would divest its 19 percent stake in National Foods.
In a disclosure to the Philippine Stock Exchange, Fonterra chief executive Andrew Ferrier said that at A$6.40, other growth options in Australia were more attractive, so Fonterra shareholders will just take profits on their shares.
The acquisition will give San Miguel a third of Australia’s fresh milk, yogurt and dairy dessert sales, reports said. (CTL)
(April 12, 2005 issue)
Write letter to the editor.Click here.
Join the Sun.Star message board.Click here. |
