National Foods, San Miguel’s Australian dairy business, revealed today (22 February) that it is interested in the possible AUS$1bn (US$789m) acquisition of local rival Dairy Farmers.
In an interview with Dow Jones, Ashley Waugh, MD of National Foods, revealed the group was on the lookout for acquisition targets in the Asia Pacific region.
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Dairy Farmers is expected to conduct either a sale or an IPO before the end of fiscal 2008. The farmer-owned cooperative owns a number of dairy brands, including Coon and Cracker Barrel cheeses and Ski yoghurt.
If Dairy Farmers were to opt for a sale, Waugh said: “We would put ourselves in the category of a company that would be interested.”
National Foods controls around 40% of Australia’s fresh milk market, and almost 50% of flavoured milk sales. It also has more than 20% of the cheese and yoghurt markets, with big brands such as King Island and Yoplait.
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