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Fonterra Receives Commerce Commission Clearance

Issued 29 April 2002

The Commerce Commission has approved an application from Fonterra to acquire, through its wholly owned subsidiary Anchor Investments Limited, or any of its interconnected bodies corporate, the remaining 50% of shares in Grated Cheese Co Ltd from Chad Holdings Limited.

Commission Chair John Belgrave said the Commission is satisfied that the proposed acquisition would not have, nor would be likely to have, the effect of substantially lessening competition in New Zealand in the defined markets.

The Commission’s decision on the application is available on the Commission’s website, www.comcom.govt.nz/adjudication.

Background
Anchor Investments Limited, which already owns the 50% shares in Grated Cheese Company (GCC), is an investment vehicle for Fonterra. It holds shares in a number of companies, including GCC, for investment purposes.

Fonterra plans to on-sell its interest in GCC to Australian Food Holdings Limited, which is majority owned by Fonterra and is its principal investment vehicle into New Zealand and Australian consumer dairy markets.

GCC produces a range of grated, shredded and diced cheeses from cheese manufactured by Fonterra. It produces and markets a range of food service and consumer packaged grated cheese products under the Greenfields brand, and fills the New Zealand Dairy Board’s export contracts for markets in Australia, Asia, Latin America and the Middle East.

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