AUS: Olam “confirms interest” in Dairy Farmers

By: just-food.com | 5 June 2008

Olam International has confirmed that it is considering a possible bid for Australian dairy group Dairy Farmers.

Olam CFO Krishnan Ravikumar reportedly told a market briefing in Singapore: "While we have been approached on this transaction, at this point in time we have nothing to report. Our M&A team is having a look at it, but no formal bid has been made by us."

Dairy Farmers put itself up for sale earlier this year, in a deal valued at around A$900m (US$856.66m).

The company has attracted firm interest from two syndicates - National Foods and Warrnambool Cheese and Butter Factory, plus Parmalat and Murray Goulburn - as well as New Zealand dairy giant Fonterra.

Canadian dairy group Saputo is also believed to be among the potential bidders conducting due diligence, a person familiar with the situation told Dow Jones Newswires.

Sectors: Dairy

Companies: Dairy Farmers, National Foods, Parmalat, Murray Goulburn, Fonterra, Saputo