TP05/033
The Takeovers Panel (Panel) advises that it has received an application dated 5 April 2005 from Yoplait SAS (Yoplait) and Sodima SAS (Sodima) under subsection 656A(2) of the Corporations Act (Application). The Application seeks review of a decision of the Australian Securities and Investments Commission (ASIC) dated 1 April 2005 not to grant Yoplait and Sodima an exemption from, or modification to, subsection 671B(4) of the Corporations Act (ASIC Decision).
The ASIC Decision relates to an application lodged by Yoplait and Sodima on 29 March 2005 requesting that ASIC grant relief such that Yoplait and Sodima are not required to attach a copy of a deed between Fonterra Foods Pty Ltd (Fonterra), Yoplait and Sodima (Fonterra/Yoplait Deed) to a substantial shareholding notice lodged in accordance with undertakings given to the Panel in National Foods 01.
The Fonterra/Yoplait Deed relates to a joint venture arrangement proposed to be entered between Fonterra, Yoplait and Sodima in relation to National Foods' Fresh Cultured Products and Fresh Dairy Deserts business if Fonterra acquires 100% of the shares in National Foods Limited under its takeover bid.
Proceedings in National Foods 01 have been suspended pending the outcome of the ASIC Decision and, therefore, the Application. A copy of Panel media release TP05/32 dated 4 April 2005 in relation to National Foods 01 is available at the Panel website at: Media Releases.
The President of the Panel is appointing a sitting Panel to consider the Application.
The Panel has has not yet received submissions from persons potentially involved in the Application and has therefore formed no views on the Application.
Nigel Morris
Director, Takeovers Panel
Level 47, 80 Collins Street
Melbourne, VIC 3000
Ph: +61 3 9655 3501
