Phantom rival bidder for NZ Dairies cries foul over Fonterra purchase process

Mon, 06 Aug 2012

By Paul McBeth Aug 06 (BusinessDesk) - A phantom bidder claiming to have offered a better deal for New Zealand Dairies' South Canterbury milk powder plant is urging the antitrust regulator to investigate the sale process where Fonterra Cooperative Group emerged as the top suitor. In a confidential submission on Fonterra's application for clearance to buy NZ Dairies, the rival called on the Commerce Commission to "investigate the fairness of the sale process" which it says put "significant pressure" on suppliers to accept the Fonterra proposa...

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