Commission clears ABF Overseas Limited to acquire New Zealand Food Industries Limited
Published27 Aug 2004
The Commerce Commission has cleared ABF Overseas Limited to acquire 100 percent of the shares of New Zealand Food Industries Limited, the New Zealand yeast business of Burns, Philp & Company Limited Group.
Issued 27 August 2004
The Commerce Commission has cleared ABF Overseas Limited to acquire 100 percent of the shares of New Zealand Food Industries Limited, the New Zealand yeast business of Burns, Philp & Company Limited Group.
The proposed acquisition is part of a global acquisition that will have the effect of transferring the international yeast, bakery ingredients and US herbs and spices businesses of Burns Philp to ABF Overseas.
Commission Chair Paula Rebstock said the Commission was satisfied that the proposed acquisition would not have, nor would be likely to have the effect of substantially lessening competition in the New Zealand market for the supply of fresh cream and compressed yeast, and the upper North Island, lower North Island and South Island markets for the manufacture and wholesale supply of packaged bread.
A public version of the Commission's decision will be available shortly on the Commission's website www.comcom.govt.nz under the Clearances Register.
Background
ABF Overseas is a wholly-owned subsidiary of ABF plc, an international food, ingredients and retail group based in the United Kingdom with manufacturing operations across Europe, North America, Asia, Australia and New Zealand.
New Zealand Food Industries is involved in the manufacture of fresh and specialty dry yeast products.
Burns Philp is incorporated in Australia and is a global yeast, food ingredients and consumer-branded food products manufacturer. In February 2003, the Commission cleared Burns Philp to acquire up to 100 percent of the share capital of Goodman Fielder Limited subject to the divestment of New Zealand Food Industries.
