Lactalis in front to acquire Fonterra’s Australian dairy assets after ACCC clearance
The world's largest dairy company may be in pole position to acquire Fonterra's Australian assets.
FONTERRA SHAREHOLDERS Council says it backs the co-op's decision to pay a lower milk price last year than the price calculated in accordance with the milk price manual.
The co-op paid 53c/kgMS less than what was calculated in accordance with the panel.
Despite being short-paid, Fonterra farmers received a record payout of $8.40/kgMS.
Speaking at the co-op's annual meeting in Palmerston North yesterday, council chairman Ian Brown says it was the right decision.
"The council questioned the rationale for and the effect of the board's decision and after discussions with the board and management we are satisfied with the explanation for this," he says.
"The council's view is that borrowing money to distribute revenue that was not earned in order to meet the milk price panel's recommendation would not have been in the best interest of our farmers.
"The milk price is of such importance to our farmers that any movement away from the price outlined by the manual, positive or negative, must be scrutinised and the board must be very clear in their justification for any change."
He noted that the farmgate milk price provides farmers with an accurate signal from which to make decisions around on-farm production and cost.
It also drives the co-op management to work to ensure the maximum sustainable payout to farmers is realised, he adds.
"The council has the utmost confidence in the manual and believe it is robust and transparent," Brown says.
Two butcheries have claimed victory at the 100% New Zealand Bacon & Ham Awards for 2025.
A Taupiri farming company has been convicted and fined $52,500 in the Hamilton District Court for the unlawful discharge of dairy effluent into the environment.
The Climate Change Commission’s 2025 emissions reduction monitoring report reveals steady progress on the reduction of New Zealand’s climate pollution.
Another milestone has been reached in the fight against Mycoplasma bovis with the compensation assistance service being wound up after helping more than 1300 farmers.
The Government’s directive for state farmer Landcorp Farming (trading as Pamu) to lifts its performance is yielding results.
The move to bring bovine TB testing in-house at Ospri officially started this month, as a team of 37 skilled and experienced technicians begin work with the disease eradication agency.
OPINION: Will synthetic milk derail NZ's economy?
OPINION: According to media reports, the eye-watering price of butter has prompted Finance Minister Nicola Willis to ask for a…