Philippine No.1 beverage and food maker San Miguel Corp. said it won a takeover battle for Melbourne-based National Foods Ltd., Australia’s leading diary company.

National Foods became available for Manila-based San Miguel after it received a refusal from Fonterra Cooperative Group to match a A$1.9 billion ($1.5 billion) bid for Australia yoghurt maker.

San Miguel will get a third of Australia’s A$3.5 billion dairy industry within the purchase, some analysts say.
San Miguel is widely expected to benefit from the deal amid the soaring milk powder prices. The transaction will put the com[pany to the list of the leading food and bevearge companies of the world.

New Zealand’s Fonterra said it would sell its 19% stake in National Foods, according to a statement released by the company’s chief executive Andrew Ferrier.