Fonterra

Fonterra needs to convince shareholders it will have completed its capital restructuring when it starts consultation on the third and final stage of the process this week.

Fonterra will next week start consulting shareholders on the final stage of its capital restructuring, the trading of shares between farmers, amid allegations from a competitor its implementation could have trade implications.

Dairy Equity has lowered the price of its remaining investments in Fonterra fair value shares as it winds up the business.

Fonterra shareholders could be about to receive the second-highest payout in the dairy company's history if markets stay at current levels.

Dairy giant Fonterra's half year revenue has dropped 3.7%, dragged down by lower prices but offset by an increase in sales volumes.

The dramatic recovery in world dairy prices is expected to be reflected in a much healthier interim financial result to be announced by Fonterra this morning.

Dairy industry leaders have put farmers on notice to lift their game after a damning report showed many have substandard effluent management systems.

An environmental lobbyist says dairying is getting dirtier and the Government should intervene and set easily-enforced standards to fight contamination of waterways and groundwater.

Fonterra plans to stop making cheese at its Longburn plant near Palmerston North, and says other jobs at the site will only be available for 15 of the 35 people being laid off.

International credit agency Fitch Ratings today affirmed Fonterra's long-term issuer default rating (IDR) at "AA-" and short-term IDR at "F1+", with a stable outlook.