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Kirin unit lodges offer for Dairy Farmers-source

Sun Mar 30, 2008 11:51pm EDT
 
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MELBOURNE, March 31 (Reuters) - Australian dairy and juice producer National Foods, owned by Japanese brewer Kirin Holdings (2503.T: Quote, Profile, Research, Stock Buzz), has lodged an indicative offer for milk and cheese producer Dairy Farmers, a source familiar with the situation said on Monday.

Dairy Farmers, which is owned by some 2,000 Australian farmers and makes Dairy Farmers brand milk, Coon cheese and Ski yoghurt, put itself up for sale last month.

It said on Friday it has had wide interest in a deal, which could be worth between A$800 million-A$1 billion ($730-$920 million).

"National Foods has put in an indicative offer," the source told Reuters on condition of anonymity.

National Foods, bought by Kirin last November for A$2.8 billion, is one of Australia's largest food groups with brands including Pura milk, Big M flavoured milk and Yoplait yoghurt.

First-round offers in the sale process, which is being run by Goldman Sachs JB Were, have closed. ($1=A$1.09) (Reporting by Victoria Thieberger)

 

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