New Zealand dairy giant Fonterra has said it will not limit its options with regards to its takeover target National Foods, denying press reports that it had ruled out a higher bid.

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Fonterra recently launched a A$1.62bn (US$1.22bn) bid for Australia’s National Foods, which was rejected by the Australian company’s board.


“We reserve the right to vary any terms of the offer if that were something we wished to do,” a Fonterra spokesman was quoted by Reuters as saying. 


National Foods, meanwhile, has said it is still in talks with compatriot food company SPC Ardmona over a possible merger but has not yet made an offer for the company.

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