Australian dairy processor National Foods has sold an 8% stake to rival giant Dairy Farmers, although the move has failed to rally NatFoods’ shares, which fell 15 cents to A$3.14 (US$1.64).
More than a year ago, National Foods offered A$793m to merge with the Dairy Farmers cooperative, after it triggered a price war on milk in the supermarkets. The bid was rejected however.
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