National Foods takeover bid approved by Aussie farmers

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A A$910 million takeover bid by National Foods Limited for Australia's Dairy Farmers milk co-operative has been approved.

The bid was accepted by shareholders on Thursday (November 13th) with almost 94 per cent of the vote.

National Foods is an Australian unit of Kirin Holdings, a brewer based in Japan, and the bid looks set to be completed by November 26th.

According to Reuters, Ashley Waugh, managing director for National Foods, said that the acquisition marked a "significant" step for the firm.

He explained: "The reality is that National Foods is taking yet another step to become a significant large-scale food and beverage company focused not only on the domestic market of Australia but the growth opportunities in South East Asia."

National Foods was announced as the official bidder for Dairy Farmers, the second largest dairy company in Australia, in August this year.

It was decided that the sale would only be agreed if more than 75 per cent of shareholders gave it the go-ahead.