Class Ruling

CR 2005/10W

Income tax: scrip for scrip roll-over: proposed takeover of National Foods Ltd by Fonterra Co-operative Group Ltd

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FOI status:

Notice of Withdrawal

Class Ruling CR 2005/10 is withdrawn with effect from today.

1. Class Ruling CR 2005/10 addressed the availability of scrip for scrip roll-over for those shareholders of National Foods Ltd who accepted the off-market offer made by Fonterra Foods Pty Ltd to acquire their shares in exchange for redeemable preference shares in Fonterra Co-operative Group Ltd. The Class Ruling confirmed that shareholders in National Foods Ltd could choose scrip for scrip roll-over provided a number of requirements were satisfied - one being that the offer must result in members of the Fonterra Co-operative Group Ltd wholly-owned group becoming the owner of at least 80% of the voting shares in National Foods Ltd.

2. Class Ruling CR 2005/10 is withdrawn as the offer did not result in members of the Fonterra Co-operative Group Ltd wholly-owned group becoming the owner of at least 80% of the voting shares in National Foods Ltd. Scrip for scrip roll-over is not available for those National Foods Ltd shareholders who exchanged their shares under the offer.

Commissioner of Taxation
12 October 2005

References

ATO references:
NO 2003/11684