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Fonterra applies for clearance for NZDF brands

Media Release

Issued 2 Setember 2005/ 025

Fonterra applies for clearance to acquire the branded butter and spreads business of NZDF

The Commerce Commission has received an application from Fonterra Co-operative Group Limited seeking clearance to acquire the New Zealand Dairy Foods Limited (Rank Group Limited) “Anchor”, “Fernleaf” and “Country Soft” branded butter and spreads business and its unbranded butter and spreads business.

Fonterra is a vertically integrated dairy products manufacturer and marketer, operating in all dairy products markets in New Zealand and numerous other countries. It operates through two main business divisions: Ingredients and Consumer Dairy Products.

Rank is a privately equity investor based in Auckland. It has two operating subsidiaries: Burns Philp & Company Limited based in Australia and NZDF. Burns Philp wholly owns Goodman Fielder, which operates in various food markets in New Zealand, including the consumer yellow spreads market.

In considering the application, the Commission’s role is to determine whether the acquisition has the effect of substantially lessening competition in a market. In addition to the application for clearance, the Commission is conducting an investigation into the recent swap between Fonterra and Rank Group of some other dairy assets.

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

ENDS

Commission media releases can be viewed on its web site www.comcom.govt.nz

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