Philippine food and beverage conglomerate San Miguel is now looking at acquiring Singapore-listed Del Monte Pacific Ltd and New Zealand Dairy Foods Holdings, according to the Dow Jones news agency.
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San Miguel has not yet completed a bid to take over National Foods Ltd of Australia.
San Miguel president and chief operating officer Ramon Ang told reporters over the weekend that the company continues to look at acquisitions overseas, which the conglomerate expects to drive future growth, the agency said.
San Miguel sells nine in every 10 bottles of beer and soft drinks sold in the Philippine, and controls 60% of the processed meat and 40% of the poultry markets.
“We’re now looking into the possibility of acquiring New Zealand Dairy and Del Monte,” Ang said. “Del Monte was offered to us again, so far our offer is still the best, maybe that is why they came back to us.”
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By GlobalDataLast month, San Miguel and tycoon Lucio Tan pulled out of talks to acquire the 40% stake in Del Monte owned by Italian sauce maker Cirio Finanziaria. Cirio was asking between $150m and $250m for the stake.
As for New Zealand Dairy, Ang said San Miguel has yet to make a formal offer for the $700m company.
New Zealand Dairy is owned by businessman Graeme Hart, who has been seeking offers in view of an imminent shake-up in the Australian dairy sector. Apart from San Miguel, New Zealand Dairy has attracted four other groups, including Nestle.
If San Miguel completes its takeover of Australia’s National Foods, the Philippine conglomerate’s bid for New Zealand Dairy may be blocked by regulators. In 2002, the New Zealand Dairy Commission rejected a bid by National Foods to buy New Zealand Dairy on the grounds it would significantly lessen competition in the yogurt and dairy dessert market, the agency said.
San Miguel has made a tender to acquire at least 50% of Australia’s National Foods. Last week, San Miguel extended its offer for National Foods’ shareholders to accept its bid to June 10 from the May 27 deadline.
