San Miguel muscles in on National Foods

The Philippines food and beverage giant beats NZ''s Fonterra to the A$1.9 billion acquisition of Australia''s largest publicly listed dairy company.

San Miguel has ended a six-month battle for control of Australian dairy company National Foods Limited by pushing the other bidder, New Zealand's Fonterra, out of the game. On Monday, National Food's managing director, Peter Margin, compelled shareholders to accept the offer of A$6.40 per share saying the company had been through considerable uncertainty during the bid process. Shareholders have until April 29 to accept the offer.

If the deal goes ahead, San Miguel will pay as much as 40% more per share than was first offered in the initial bid made by Fonterra back in October. The Kiwi dairy co-operative upped its bid to A$6.20 a share in March, but...

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