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Fonterra Co-Operative Group and Kapiti Fine Foods and United

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Fonterra Co-Operative Group and Kapiti Fine Foods and United Public version ISSN NO. 0114-2720 J7516 Decision No. 574 Determination pursuant to the Commerce Act 1986 in the matter of an application for clearance of a business acquisition involving: FONTERRA CO-OPERATIVE GROUP LIMITED and KAPITI FINE FOODS LIMITED AND UNITED MILK LIMITED The Commission: Paula Rebstock David Caygill Peter JM Taylor Summary of Application: An application by Fonterra Co-operative Group Limited for clearance for it, or any of its interconnected bodies corporate, to acquire 100 percent of the issued shares of Kapiti Fine Foods Limited and United Milk Limited. Determination: Pursuant to section 66(3) of the Commerce Act 1986, the Commission determines to give clearance to the proposed acquisition. Date of Determination: 23 February 2006 CONFIDENTIAL MATERIAL IN THIS REPORT IS CONTAINED IN SQUARE BRACKETS CONTENTS EXECUTIVE SUMMARY........................................................................................................ 1 The Proposal........................................................................................................................... 1 Market Definition................................................................................................................... 1 Counterfactual ........................................................................................................................ 1 Factual .................................................................................................................................... 1 Competition Analysis............................................................................................................. 2 The Raw Milk Market......................................................................................................... 2 The Town Milk Market ....................................................................................................... 2 The Specialty Cheese Market ............................................................................................. 3 The Ice Cream Market........................................................................................................ 3 Conclusion.......................................................................................................................... 4 THE PROPOSAL....................................................................................................................... 5 SUPPLY AGREEMENT ........................................................................................................... 5 PROCEDURE ............................................................................................................................ 6 STATUTORY FRAMEWORK ................................................................................................. 6 ANALYTICAL FRAMEWORK ............................................................................................... 7 THE PARTIES........................................................................................................................... 7 Fonterra .................................................................................................................................. 7 Foodstuffs LNI ....................................................................................................................... 8 KFF and UML........................................................................................................................ 8 Other Relevant Parties............................................................................................................ 9 KFF Suppliers Committee.................................................................................................. 9 Goodman Fielder Limited (Goodman Fielder/NZDF)....................................................... 9 Open Country Cheese Limited (Open Country Cheese) .................................................... 9 Whitestone Cheese Limited (Whitestone Cheese) ............................................................ 10 Emerald Foods Limited (Emerald Foods) ....................................................................... 10 Kiwi Ice Cream Company Limited (Kiwi Ice Cream)...................................................... 10 Crean Foodservice Limited (Crean) ................................................................................ 10 Progressive Enterprises ................................................................................................... 10 PREVIOUS COMMISSION DECISIONS.............................................................................. 11 Raw Milk and Town Milk ................................................................................................. 11 Raw Milk, Town Milk and Cheese.................................................................................... 12 Ice Cream ......................................................................................................................... 13 MARKET DEFINITION ......................................................................................................... 13 Product Dimension............................................................................................................... 14 Raw Milk .......................................................................................................................... 15 Town Milk......................................................................................................................... 16 Cheese .............................................................................................................................. 17 Ice Cream ......................................................................................................................... 18 Conclusion on Product Markets....................................................................................... 20 2 Temporal Dimension............................................................................................................ 20 Raw Milk .......................................................................................................................... 20 Customer/Supplier Dimension ............................................................................................. 21 Raw Milk .......................................................................................................................... 21 Functional Dimension .......................................................................................................... 21 Raw Milk .......................................................................................................................... 21 Town Milk, Specialty Cheese and Ice Cream................................................................... 22 Conclusion on Functional Markets.................................................................................. 22 Geographic Dimension......................................................................................................... 22 Raw Milk .......................................................................................................................... 22 Town Milk......................................................................................................................... 24 Specialty Cheese............................................................................................................... 24 Ice Cream ......................................................................................................................... 24 Conclusion on Geographic Dimension ............................................................................ 24 Conclusion on Market Definition......................................................................................... 25 COUNTERFACTUAL AND FACTUAL ............................................................................... 25 Counterfactual ...................................................................................................................... 25 Factual .................................................................................................................................. 25 COMPETITION ANALYSIS.................................................................................................. 26 The Market for the Supply and Acquisition of Raw Milk in the Manawatu and Wairarapa Region .................................................................................................................................. 26 Existing Competition........................................................................................................ 26 The North Island Market for Processing and Wholesale Supply of Town Milk.................. 29 Existing Competition........................................................................................................ 29 Potential Competition ...................................................................................................... 33 Countervailing Power ...................................................................................................... 36 Coordinated Power .......................................................................................................... 37 Conclusion........................................................................................................................ 38 The National Market for the Import, Manufacture and Wholesale Supply of Specialty Cheese .................................................................................................................................
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