Winston Peters calls Fonterra vote result 'utter madness'
New Zealand First leader and Foreign Affairs Minister Winston Peters has blasted Fonterra farmers shareholders for approving the sale of iconic brands to a French company.
Chief executive Miles Hurrell says the co-op will continue to offer the shares on the Shenzhen Stock Exchange market.
Under the sharemarket rules it is only possible to sell up to 1% cent every 90 days directly on the exchange, or sell up to 2% in a single block every 90 days.
Trades greater than 5% can be made to an individual party in an off-market transaction.
Hurrell says the co-op is also willing to sell a larger stake off market to any interested party.
Fonterra paid $750 million for its 18.8% shareholding in March 2015, in a bid to gain access to Chinese consumers for its infant formula.
Last year Fonterra wrote down the investment by $439m which helped lead to its first ever annual loss of $196m.
Hurrell says apart from Beingmate, the co-op is reviewing its China Farms and Brazilian joint venture with Nestle.
He expects a decision on both these investments this financial year.
