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.
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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.
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