Philippine food and beverage conglomerate San Miguel has declared its offer for Australian dairy company National Foods unconditional, even though it has not reached the 50% minimum acceptance condition laid down.
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San Miguel told the Australian Stock Exchange that it had regard to Fonterra Cooperative Group’s statement that it would accept San Miguel’s offer if it was unconditional. Fonterra has a shareholding of 19% in National Foods.
San Miguel said it had received total acceptances for 36.46% of National Foods shares as at 9.00am today (Tuesday).
