By Phil Boeyen, ShareChat Business News Editor
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Friday 22nd March 2002 |
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New Zealand Dairy Foods is 50.004% owned by local dairy giant Fonterra (NZSE: FCGHA) with the remainder of held by some 6,200 dairy farmers.
Under the terms of last year's Dairy Restructuring Act, Fonterra is required to unconditionally dispose of its share in NZDF to an unrelated party by the end of September.
Commission chairman, John Belgrave, says the Commission could not be satisfied that the acquisition by National Foods would not lead to a substantial lessening of competition within the yoghurt and dairy dessert market in New Zealand.
National Foods' core activities are in milk and fresh dairy foods and a subsidiary, National Foods International Fine Foods, manufacturers, distributes and markets yoghurts and dairy desserts in the New Zealand market under the Yoplait brand. It has a production facility in Palmerston North.
NZDF's brands include Fresh 'n Fruity, Swiss Maid, Country Goodness, Anchor, Chesdale and Ornelle.
Fonterra owns around 18% of National Foods and also has a major stake in another Australian dairy company, Bonlac.
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