Barry Capp, chairman of the dairy sector giant National Foods, has told investors that he will continue to look out for acquisitions despite an apparent lack of suitors.
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Speaking at the firm’s annual meeting yesterday [Tuesday] he commented: “With the Australian industry apparently unwilling to take up opportunities for industry consolidation, the prospect of the company securing a large and transforming acquisition is unlikely.”
Nevertheless, he said, NatFoods will continue to cut costs to avoid a share buyback to enable the firm to take advantage of any opportunities as they arrive. These are most likely to come in the form of smaller “bolt-on” acquisitions.
