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New Zealand co-operative, Fonterra, has requested that the Australian Competition and Consumer Commission (ACCC) indicate whether it has any concerns that would need to be overcome prior to its bid to acquire Dairy Farmers being formally assessed by the
Co-operative’s Board.
The commencement of Fonterra’s regulatory approval process follows a similar approach by Kirin-owned National Foods last month.
Dairy Farmers Chief Executive Rob Gordon said that other interested parties may initiate similar regulatory clearance processes in coming weeks.
“As stated previously, Dairy Farmers’ Board has requested interested bidders seek the necessary regulatory clearances, including ACCC reviews, prior to it formally assessing proposals,” Mr Gordon said.
“Any bidder that does not have existing dairy operations in Australia would not, however, be expected to seek an ACCC review at this point. Such parties may be required to seek Foreign Investment Review Board (FIRB) approval during coming months.
“Dairy Farmers’ Board will meticulously assess each of the available options before it puts a recommendation to its dairy farmer shareholders.”
