Dairy Trust Succeeds in Takeover of Open Country Cheese

The company set up to challenge the milk industry dominance of Fonterra Cooperative Group said it has acceptances for 96.5% of Open Country, allowing it to compulsorily acquire the rest. The offer was due to close tomorrow.

Open Country last traded on the Unlisted market at NZ$2.73 on August 25. Dairy Trust is offering NZ$2.75 apiece for the shares it doesn't already own. The deal also involves Singapore-based agricultural products distributor Olam International, which will become the second-largest shareholder in Dairy Trust.

Dairy Trust plans to help develop dairy processing facilities in the country's four major milk-producing regions, targeting capacity of 1.2 billion litres of milk.

Fonterra, the world's largest diary products exporter, processes more than 90% of milk produced in New Zealand, and Dairy Trust is the only rival with plans to compete in milk processing on a national scale, the companies said.

By Jonathan Underhill

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