NZ dairy giant Fonterra will consider the purchase of Australia’s National Foods, at the right price, chief executive Andrew Ferrier has reportedly said.

San Miguel purchased National Foods last year for a total of A$1.9bn (US$1.39bn) after outbidding Fonterra for the company. It has been reported that the Filipino company is considering floating some of its Australian assets to foster growth. Although the company was unavailable for comment, it has been speculated that the capital generated from any such move would be used to reduce the company’s escalating debts.

“It has to be a great price,” Ferrier is quoted as saying in Rural News. “I’m not a buyer of National Foods at the price San Miguel paid and we already showed that by our actions last year.”