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2005-3-10 06:35:00 a.m. HKT, XFNA
Philippines' San Miguel considers new offer for National Foods - report
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SYDNEY (XFN-ASIA) - Philippine conglomerate San Miguel Corp is thrashing
out the merits of different pricing scenarios ahead of a likely new offer for
Australian dairy products group National Foods Ltd, The Australian Financial
Review reported, citing industry sources.
It said San Miguel is taking into account hedge funds which are believed
to hold nearly 20 pct of National Foods and is working through financial
models to raise its offer to beat a rival offer from New Zealand diary group
Fonterra Co-operative Ltd.
Fonterra, which already holds 19 pct, is offering 6.00 aud a share,
rising to 6.20 if its gets 90 pct.
San Miguel, which is offering 5.90, must inform the market today if it
plans to extend its offer which is scheduled to close on March 18.
(1 usd = 1.26 aud)
bruce.hextall@xfn.com
blh/tr
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