Singapore bidder for Dairy Farmers

Singapore-based trading company, Olam International, has officially confirmed its interest in purchasing assets of Dairy Farmers, headquartred at Sydney Olympic Park, which are up for auction and valued at $900 million. The company joins the National Foods/Warrnambool Cheese & Butter joint bid, New Zealand-based Fontana, and the joint venture between Parmalat and Victorian co-operative, Murray Goulburn. Canadian-based, Saputo, has stepped up due diligence. A sale needs approval from the Dairy Farmers co-operative’s 2000 farmer shareholders. Final bids are due next month.