By ELLEN READ and AGENCIES
French lessons will not be required for New Zealand's dairy herd - Paris-based Groupe Danone has denied it is pursuing Fonterra offshoot NZ Dairy Foods.
"We are not participating in current discussions," chief executive officer Franck Riboud told the French financial newspaper Les Echos.
Australian media said this
week that Danone would pursue due diligence on Dairy Foods, which controls about 40 per cent of New Zealand's domestic dairy produce sales.
Although Mr Riboud publicly ruled out involvement in Dairy Foods, Danone's man on the spot, the executive vice-president for Asia-Pacific, Simon Israel, has refused to comment, saying the company does not discuss merger and acquisition activity unless there is something to announce.
Fonterra is selling its half-stake in Dairy Foods, the maker of Anchor milk and cheese products and Fresh 'n' Fruity yoghurt, to satisfy regulators.
Dairy Foods chief executive Peter McLure has said only that there are five potential bidders.
Three have been reported as National Foods, 18.2 per cent owned by Fonterra and the only publicly traded Australian dairy company; Great Milk Company, owned by New Zealand farmers; and Dutch company Friesland Coberco Dairy Foods.
Auckland-based Dairy Foods was valued at up to $270 million in March 1999 by PricewaterhouseCoopers.
