By PHILIPPA STEVENSON
Fonterra will not be chasing a windfall from its high-riding National Foods shares in the near future.
Chairman Henry van der Heyden said yesterday that its Australian investments, including 18 per cent of Victoria-based National Foods, were "in a holding position".
National Foods, Australia's largest listed dairy company,
is viewed as key to the rationalisation of the country's dairy industry.
Deutsche Bank has estimated its shares are trading at a 20 per cent premium to its value at prices ranging up to $3.56 a share. If Fonterra cashed up it stood to realise around $180 million for a profit of at least $62 million. But Van der Heyden said Fonterra was focusing on its day to day operations.
"If someone came in and offered us a huge price [for National Foods shares] of course we'd have to consider it but the likelihood of that is damn near zero. We're looking at the opportunities but it is not number one priority."
