Fonterra has struck a deal to buy the processing assets of New Zealand Dairies, which went into receivership last month.

Russian baby food group Nutritek acquired a majority stake in New Zealand Dairies in 2008 and aimed to use the business for international expansion.

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Nutritek acquired the rest of the New Zealand firm in 2009 but, according to local reports, has been on the market since 2010. It collapsed owing suppliers around NZ$30m.

Fonterra, which is the largest dairy company in New Zealand, said its acquisition of the business was subject to competition approval.

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