japans-kirin-snaps-up-dairy-farmers-in-australia

Japan's Kirin snaps up Dairy Farmers in Australia

Kirin subsidiary National Foods will shell out $790 million to consolidate its position in Australia's dairy industry.
Australian dairy company National Foods announced yesterday that it will take over Dairy Farmers for a firm value of A$910 million $790 million.

National Foods, which is a subsidiary of Kirin Holdings in Japan, will acquire all the equity shares of Dairy Farmers at a price of A$5.65 per share in cash, including a special dividend of 59 cents per share, totalling A$675 million. The sale is subject to the approval of at least 75% of Dairy FarmersÆ shareholders, which is expected to take about three months.

For the financial year ended June 30, 2007 Dairy Farmers had net sales of A$1.175 billion on which it earned an operating income of A$29 million. The...
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