$910 million: Japanese Takeover of Oz Dairy Farmers

AUSTRALIA - Japanese-owned National Foods have acquired Australian Co-operative Foods Ltd, with a $910 million takeover bid.
calendar icon 13 November 2008
clock icon 1 minute read

The National Foods offer was approved today by a meeting of ACF members.

"Im pleased to report that the National Foods proposal received the support of 96.3 per cent of ACF active members who cast formal votes in the special postal ballot," ACF chairman Ian Langdon said.

A court hearing will take place on November 18 to seek approval of the scheme.

"If court approval is granted at this time, it is proposed that the scheme will be implemented on 26 November at which time ACF members and qualifying former members will be paid their entitlements," Mr Langdon said.

The National Foods proposal had been unanimously recommended by the boards of both companies.

ACF chief executive Rob Gordon said the overwhelming member support for the National Foods proposal was a reflection of the attractiveness of the proposal to members.

"In the view of the ACF board, the timing was right to implement a trade sale in relation to the business, given the completion of a business transformation program to convert it from a traditional supply focussed co-operative into a fast moving consumer goods business along with ACFs strong business performance," Mr Gordon said.

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