Peter McClure, CEO of Auckland-based New Zealand Dairy Foods (NZDF), has revealed that a five-member short list has emerged out of the 225 potential bids for a 50% stake in the company.
Go deeper with GlobalData
The five companies, which are all going through due diligence, have not been officially confirmed. Market watchers have suggested Parmalat, Kraft and Nestlé; French giant Danone has denied any interest. Australian group National Foods has been tipped as a bidder by local media, although it is 18% owned by the Fonterra Co-operative Group and it would have to ditch this shareholding if any bid were successful.
Itself a subsidiary of Fonterra, NZDF is up for sale because of the dairy giant’s mega-merger last year.
McClure has not ruled out a possible listing on the Stock Exchange once the sale has been completed, but he told the National Business Review that he did not favour a cooperative structure: “We don’t want to go down the cooperative route.”
The food and beverage company generates annual sales of around NZ$400m (US$165.9m) through a wide range of products, including the Fonterra-licensed Anchor brand. A sale is expected to be finalised by the end of May.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
