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Australia’s National Foods has said it plans to acquire up to 28.8 million shares in an on-market share buyback, representing around 10% of its issued capital.

The company, which enjoys a 43% share of Australia’s fresh milk market, said the buyback was dependent on suitable market conditions.

“National Foods’ board and management are committed to continuing our strong focus on growing the business, including acquisitions and participation in any rationalisation of the Australian dairy industry,” managing director Max Ould was quoted by Dow Jones International News as saying.