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Adviser Chosen For Sale Of NZ Dairy Foods Shares

Media release
20 July 2001

Adviser Chosen For Sale Of NZ Dairy Foods Shares

Global commercial and investment bank ABN AMRO is to handle the sale of shares in New Zealand Dairy Foods, the sale process steering committee announced today.

Brian Allison, chairman of the steering committee and adviser to the Dairy Foods board, said ABN AMRO had been chosen for the role of sales adviser from a strong field of contenders.

He said the company’s global reach and experience in the industry sector provided it with the appropriate advisory background.

ABN AMRO, headquartered in Amsterdam, has a network of more than 3,500 offices in 76 countries and is one of New Zealand’s leading corporate advisory and equity capital market houses. Internationally it maintains a focus on six industry sectors, including consumer products, which encompasses the dairy industry. In New Zealand the company has undertaken a number of notable transactions.

Mr Allison said the sale steering committee’s intention was to initiate the process immediately. The first exercise was to examine all options for the sale of shares.

The steering committee reports to the Dairy Foods board.

Background:

The divestment of Dairy Foods shares follows approval of the New Zealand dairy industry merger, resulting in the formation of Global Dairy Company (GlobalCo) from New Zealand Dairy Group, Kiwi Cooperative Dairies and the New Zealand Dairy Board. Dairy Foods is owned 50 per cent by New Zealand Dairy Group and 50 per cent by 6,500 North Island farmer shareholders. (For further Dairy Foods information, see website: www.nzdf.co.nz)

The Steering Committee comprises:
John Storey – Chairman, New Zealand Dairy Foods
Peter McClure - Chief Executive, New Zealand Dairy Foods
Brian Allison (chairperson) - Adviser to the New Zealand Dairy Foods Board
Henry Van der Heyden - Chairman, New Zealand Dairy Group
Michael Smith - Director, New Zealand Dairy Group
John Spencer - Chief Executive, New Zealand Dairy Group

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