Dutch dairy cooperative Royal FrieslandCampina NV plans to acquire the remaining shares it does not already own in Philippines' biggest milk manufacturer Alaska Milk Corp, for $457 million.

FrieslandCampina, the world's fourth largest dairy company, will buy Alaska Milk's founding Uytengsus family stake for $302 million, taking its holding in the Manila-listed company to 68.9 per cent from the current 8.1 per cent.

The Amersfoort, the Netherlands-based company is paying 24 pesos per share, a premium of 50 per cent to Alaska Milk's 8 March closing price.

FrieslandCampina, whose brands include Friesche Vlag, Chocomel, Dutch lady, Campina, and Mona, will launch a tender offer to buy the remaining shares in Alaska Milk, whose stock price soared by 25 per cent yesterday.

With annual revenues of over €200 million, Alaska Milk has emerged as one of only two major milk companies in the Philippine dairy industry. It is a leader in the liquid canned milk category and a strong and growing position in powdered milk. It has also recently expanded into higher value-added milk products, particularly in the ready-to-drink milk category.

The company employs over one thousand people and operates a manufacturing facility in San Pedro, Laguna.