New Zealand dairy giant Fonterra announced today (Tuesday) that it is extending the closing date of its offer for National Foods Limited.

"National Foods' shareholders will receive a letter advising that the offer to acquire all of their shares in National Foods has been extended to 7pm Melbourne time on Tuesday 29 March 2005," the company said.

The previous deadline was 8 March. Fonterra's A$1.6bn (US$1.23bn) bid of $5.45 per share has been exceeded by a $6.00 per share bid from San Miguel, the Philippines-based food and beverage company.