National Foods Limited - Panel Publishes Reasons

The Takeovers Panel (the Panel) has today published the reasons for its decision in relation to an application by San Miguel Foods Australia Holdings Pty Ltd received on 7 March 2005 alleging unacceptable circumstances in relation to the affairs of National Foods Limited.

Details of the Panel's decision were announced on 4 April 2005 in Panel media release TP05/32, available on the Panel's website at: Media Releases.

The sitting Panel was Kevin McCann, Mark Paganin and Michael Ashforth.

The reasons of the Panel are available on the Panel's website at: Reasons for Decisions.

Nigel Morris
Director, Takeovers Panel
Level 47, 80 Collins Street
Melbourne, VIC 3000
Ph: +61 3 9655 3501