Parmalat has been given regulatory approval for its planned acquisition of National Food’s fresh milk assets in Australia.
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The Australian Competition and Consumer Commission said in a statement released today (25 June) that it would not block the deal, which was struck to address competition issues following National Foods’ acquisition of Dairy Farmers last year.
The Italian dairy group agreed to buy the business for A$70m (US$55.8m) in May.
Parmalat will take on the Lidcombe and Clarence Gardens manufacturing facilities, as well as brand licences and distribution networks in New South Wales, South Australia and the Australian Capital Territory.
The production operations generated combined revenue of A$200m in the year to the end of June 2008.
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By GlobalDataParmalat had been in the race to buy Dairy Farmers, which went to National Foods in a A$910m deal. After Parmalat’s failed attempt to buy Dairy Farmers, there had been speculation that it would look to quit the Australian market.
