Shares in Australian fruit and vegetable company SPC Ardmona reached record highs yesterday amid speculation that Australian food group Burns Philp may be interested in a takeover.
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When takeover rumours first appeared in July, SPC Ardmona’s chief executive, Nigel Garrard, said the best defence against an opportunistic takeover was success, reported the Australian Associated Press, adding that Garrard’s aim is to turn SPC into Australia’s largest food company.
Despite the speculation, some analysts have said Burns Philp is more likely to use its war chest to look for an acquisition in the US.
