Fonterra, Sharesies join to make share trading easier
Fonterra is teaming up with wealth app provider Sharesies to make it easier for its farmer shareholders to trade co-op shares among themselves.
Fonterra has decided not to offload its Australian business.
Chief executive Miles Hurrell says the co-operative looked at a number of options and decided to maintain full ownership.
“Australia plays an important role in our consumer strategy with a number of common and complementary brands and products and as a destination for our New Zealand milk solids,” he says.
“The business is going well, and it will play a key role in helping us get to our 2030 strategic targets.”
As part of its strategy to 2030, Fonterra plans to return about $1 billion to shareholders and unit holders which anticipated divestments including Soprole and a stake in the Australian business.
“Even though we have decided not to sell a stake in our Australian business, we are still committed to targeting a significant capital return to our shareholders and unit holders,” says Hurrell.
“The amount of any capital return will ultimately be determined on a number of factors, including the successful completion of the divestment programme as well as our ongoing debt and earnings levels.”
Fonterra collects milk from farmers in Victoria and Tasmania and processed it at milk plants in the two states.
The co-operative’s main products in Australia are Western Star butter, Perfect Italiano cheeses and Mainland.
On the sale of Soprole business, Fonterra says it is “making progress”.
New Zealand dairy processors are welcoming the Government’s commitment to continuing to push for Canada to honour its trade commitments.
An educational programme, set up by Beef + Land New Zealand, to connect farmers virtually with primary and intermediate school students has reported the successful completion of its second year.
The Food and Agriculture Organisation of the United Nations (FAO) has welcomed a resolution adopted by the United Nations (UN) General Assembly to declare 2026 International Year of the Woman Farmer.
Waikato herd health veterinarian Katrina Roberts is the 2024 Fonterra Dairy Woman of the Year.
Trade Minister Todd McClay says New Zealand has no intention of backing down in a trade dispute with Canada over dairy products.
Horticulture NZ chief executive Nadine Tunley will step down in August.
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