Philippines-based food and beverage firm San Miguel Corp has taken full control of Australia’s National Foods after it obtained the 90% share threshold.
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San Miguel launched a counter bid for Australia’s largest dairy company five months ago, after New Zealand dairy giant Fonterra had made an offer for National Foods. San Miguel now holds 90.1% of the shares of the Australian company, allowing it to automatically acquire the remaining shares, reported Dow Jones News.
With brands such as Pura fresh milk, King Island cheeses and Yoplait yoghurts, National Foods has an estimated share of 41% of the fresh milk market in Australia, almost half the flavoured milk market and more than 20% of the cheese and yoghurt markets.
