San Miguel muscles in on National Foods

The Philippines food and beverage giant beats NZ''s Fonterra to the A$1.9 billion acquisition of Australia''s largest publicly listed dairy company.

San Miguel has ended a six-month battle for control of Australian dairy company National Foods Limited by pushing the other bidder, New Zealand's Fonterra, out of the game. On Monday, National Food's managing director, Peter Margin, compelled shareholders to accept the offer of A$6.40 per share saying the company had been through considerable uncertainty during the bid process. Shareholders have until April 29 to accept the offer.

If the deal goes ahead, San Miguel will pay as much as 40% more per share than was first offered in the initial bid made by Fonterra back in October. The Kiwi dairy co-operative upped its bid to A$6.20 a share in March, but...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222