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NZ Dairy Foods, Fonterra Exchange Assets
NEW YORK - Aug 8/05 - SNS -- New Zealand's Fonterra Cooperative Group Ltd. and New Zealand Dairy Foods (NZDF) will exchange a range of assets effective August 31.
Under the agreement between Fonterra and Rank Group Limited, Fonterra will buy the Anchor Milk and Fresh'n'Fruity yoghurt brands and sell its Meadow Fresh beverages and yoghurts and its Kiwi Meats businesses to NZDF.
Assets acquired by Fonterra are valued at NZ$754 million. Assets acquired by NZDF are valued at NZ$416 million. Fonterra intends to apply for Commerce Act clearance to buy NZDF's branded butter business for NZ$28 million.
Fonterra will gain the rights to most Anchor branded products. Fonterra currently owns the Anchor brand outside New Zealand but Anchor in New Zealand was part of NZDF when it was sold to allow the merger that formed Fonterra to proceed.
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