Fonterra increases bid for National Foods

03/03/05 Fonterra has increased its offer for Australian dairy company National Foods, in a bid to trump a rival bid by San Miguel Corporation.

Fonterra said in a statement it would increase its offer to $A6.00 ($NZ6.55) per share, from $A5.45 per share. This would increase to $A6.20 per share if it acquired 90 per cent or more of National Foods.

Fonterra said Philippine food and beverage company San Miguel was offering $A5.90 per share, reduced from $A6.00 after National Foods paid a 10c interim dividend on January 31.

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