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Article: Dairy Foods float likely after forced industry sale
- Article from:
- The Press
- Article date:
- August 25, 2001
CopyrightCopyright 2001 The Press. Provided by ProQuest LLC. (Hide copyright information)
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WELLINGTON -- New Zealand Dairy Foods, the domestic wholesaler
which the dairy industry will be forced to sell over the next year,
may be floated on the stock exchange, chairman John Storey says.
"Dairy Foods needs to become a $2 billion business if it is to
remain a competitive dairy- foods company," Mr Storey said
yesterday. The company has been estimated to be worth about $400
million at present.
New Zealand Dairy Group (NZDG) must divest its 50 per cent stake
in Dairy Foods during the next year to satisfy anti-monopoly rules
in its mega-merger with Kiwi Co- operative Dairies and the Dairy
Board, which is expected to take effect in five weeks.
The huge co-operative, temporarily known ...