FrieslandCampina Completes Acquisition of Philippine Alaska Milk Corporation

Cees ‘t Hart: “Today we are jointly entering a new phase of business growth in the Philippines.”

21 Mar 2012 --- Royal FrieslandCampina N.V. has completed its acquisition of 60.7% of the shares of Alaska Milk Corporation (AMC), one of largest dairy companies in the Philippines. By acquiring these shares, FrieslandCampina is increasing its stake from about 8.1% to 68.9%, thus making the dairy multinational controlling stakeholder. The company paid EUR 227 million for 535.7 million shares held by the Uytengsu Family. AMC is listed on the Philippine Stock Exchange. In accordance with applicable Philippine laws, FrieslandCampina will launch a tender offer for the remaining outstanding publicly traded shares in due course.

"We are very pleased to have closed the acquisition of the 60.7% stake in AMC. As controlling shareholder I wish to welcome the management and employees of AMC into FrieslandCampina family. Today we are jointly entering a new phase of business growth in the Philippines,” said Cees ‘t Hart, CEO of Royal FrieslandCampina.

The number of outstanding publicly traded shares of AMC currently amount to approximately 276.7 million. FrieslandCampina will pay a price per share of PHP 24.00, equal to the price paid for the shares acquired today.

Consumer Products International

AMC will be part of FrieslandCampina’s Consumer Products International business group, which also produces and sells dairy products in the Middle East and Africa (particularly in Nigeria and surrounding countries). This transaction gives FrieslandCampina a platform for growth which matches its strategic route2020 goals. It will also strengthen its position in Asia, which is a strategic growth area for the dairy multinational. FrieslandCampina is already present in Thailand, Indonesia, Malaysia, China, Vietnam, India, Hong Kong and Singapore.