Fonterra has signalled its interest in acquiring Dairy Farmers by asking Australia’s competition regulator if it has any potential concerns over the deal.
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The New Zealand-based dairy company has approached the Australian Competition and Consumer Commission to see if the watchdog has any concerns that would need to be overcome before its bid for Dairy Farmers is formally assessed by the milk cooperative’s board.
Dairy Farmers CEO Rob Gordon said that other interested parties may initiate similar regulatory clearance processes in the coming weeks.
“Dairy Farmers’ board has requested interested bidders seek the necessary regulatory clearances, including ACCC reviews, prior to it formally assessing proposals,” Gordon said.
“Dairy Farmers’ Board will meticulously assess each of the available options before it puts a recommendation to its dairy farmer shareholders,” Gordon concluded.
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By GlobalDataThe commencement of Fonterra’s regulatory approval process follows a similar approach by Kirin-owned National Foods last month.
Other potential suitors in the A$920m (US$854m) race for Dairy Farmers are rumoured to include co-operative Murray Goulburn and Italian dairy giant Parmalat.
