New Zealand mega-dairy Fonterra could well up its bid for Australian counterpart National Foods to see off competition from Filipino brewer San Miguel, analysts are speculating.

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Independent Australian broker Austock is quoted by AAP as saying that Fonterra could well hike its bid by 15% to A$6.27 (US$4.77) per share, from its October offer of $5.45 per share.


However, dairy farmers are said to be wary about the prospect of Fonterra raising its bid


San Miguel offered $6 per share at the end of December in a bid backed by the board of National Foods.

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