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Fonterra welcomes ACCC ruling on National Foods

January 19, 2005

Fonterra welcomes ACCC ruling on National Foods

Fonterra has welcomed today's ruling by the Australian Competition and Consumer Commission (ACCC) clearing its acquisition of National Foods Limited.

In its decision, the ACCC said it would require the merged entity to divest certain assets in the Western Australian milk market. This is consistent with Fonterra's expectations, as foreshadowed in its takeover offer.

The ACCC said it was satisfied its concerns will be addressed by Fonterra's offer of court-enforceable undertakings aimed at ensuring competition in raw milk, fresh milk and flavoured milk in Western Australia as well as those markets that rely on the supply of raw milk in both the near future and longer term.

Fonterra Chief Executive Officer, Andrew Ferrier said that Fonterra was pleased with the decision and the constructive approach taken by the ACCC.

"This is an important milestone in our bid for National Foods," said Mr Ferrier.

"Ensuring that there are at least two strong milk companies in Western Australia should result in minimal disruption to farmer suppliers, milk vendors, retailers and employees affected by the sale."

ENDS

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