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Commission receives clearance application

5 November 2004

Commission receives clearance application from Fonterra

The Commerce Commission has received an application from Fonterra Co-operative Group Limited, or a wholly-owned subsidiary, seeking clearance to acquire up to 100 percent of the shares in National Foods Limited.

Fonterra is a New Zealand-headquartered co-operative dairy company owned by approximately 12,000 supplier shareholders. It comprises two main businesses: Ingredients, which produces and internationally markets dairy commodities, such as milk powders, butter, cheese and value-added dairy ingredients; and Consumer Dairy Products, which operates in 40 countries internationally under the name New Zealand Milk.

Fonterra currently holds 17.2 percent of the shares in National Foods.

National Foods is an Australian food company with core activities in milk, fresh dairy foods and specialty cheeses. Its signature brand is ‘Pura’.

In considering this application, the Commission’s role is to determine whether the proposed acquisition has the effect of substantially lessening competition in a New Zealand market.

A public version of the application will shortly be available on the Commission’s website www.comcom.govt.nz under Adjudication.

ENDS

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