Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Fonterra lodges Statement for National Foods

Fonterra lodges Bidder’s Statement for National Foods

Fonterra, through its wholly-owned Australian subsidiary Fonterra Foods Pty Ltd, has today lodged its Bidder’s Statement with the Australian Securities and Investment Commission for its off-market takeover offer for all of the shares of National Foods Limited.

A copy of the Bidder’s Statement is expected to be mailed to National Foods shareholders later this month.

Fonterra last week announced a cash offer of A$5.45 per National Foods share which represents:

• A 16.7% premium to National Foods’ closing price on 27 October 2004, the day before the offer was announced

• A 21.7% premium above the one month volume weighted average price prior to National Foods’ announcement of discussions with SPC Ardmona

• A 20.6% premium above the three month volume weighted average price prior to National Foods’ announcement of discussions with SPC Ardmona

The offer is in line with Fonterra’s goal to create a significant Australasian dairy business.

Fonterra Chairman, Henry van der Heyden, said today: “We welcome the National Foods Board’s decision this week to give its shareholders ample time to assess the Fonterra offer.

“As a long-term shareholder of National Foods, we believe it should remain focussed on its dairy consumer business. We are well-placed to strengthen the company’s home base and build export revenues in Asia.”

The bid conditions include National Foods not announcing or proceeding with any merger or similar arrangement with SPC Ardmona.

In Australia, Fonterra is one of the largest dairy companies with dairy manufacturing, domestic sales and export operations throughout the country, employing more than 2,000 people. Fonterra’s Australian businesses generate more than A$1.4 billion per annum in turnover and its brands account for 14% of dairy sales in Australia.

© Scoop Media

Business Headlines | Sci-Tech Headlines


I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>


Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news