Fonterra will not comment on a report out of Beijing that
China Investment Corp is seeking a stake in the Fonterra
Shareholders Fund, which is still in its formative stages, a
spokesman for the co-operative says.
Fonterra is continuing its expansion in China with the
purchase of two more big dairy farms in Hebei Province.
Trading Among Farmers could be the start of a "highly
innovative and exciting chapter" in Fonterra's history,
Federated Farmers dairy chairman Willy Leferink believes.
Units in Fonterra's Shareholders Fund, which will raise up to
$525 million, are expected to go on sale on November 5.
The high value of the New Zealand dollar has cost Fonterra's
farmer-shareholders about $1 billion in lost revenue,
Federated Farmers dairy spokesman Willy Leferink says.
Dairy co-operative Fonterra yesterday reported an improved
profit for the year ended June but a reduced payout for
farmers, with warnings already that next season's payout will
be even lower.
Dairy giants are coming under increasing pressure to reveal
how much of a controversial "snot-like" byproduct they put in
Fonterra has gained Commerce Commission clearance to buy the
Studholme milk processing plant near Waimate, which has been
in receivership for almost four months.
The Commerce Commission said it had cleared Fonterra to
acquire the dairy processing assets of New Zealand Dairies,
which is in receivership.
The lowering last week of the forecast payment Fonterra will
make to farmers for milk this season has much wider
repercussions than just the bank balances of the country's
14,000 dairy farmers.
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