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Commission clears Fonterra to acquire Nat Foods

Commission clears Fonterra to acquire National Foods

The Commerce Commission has cleared Fonterra Co-operative Group Limited to acquire up to 100 percent of the shares in National Foods Limited.

Commission Chair Paula Rebstock said that the Commission was satisfied that the proposed acquisition would not have, or would not be likely to have, the effect of substantially lessening competition in the relevant markets.

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’.

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

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