increase font size
Fonterra CEO Theo Spierings.
Danone has been awarded damages from Fonterra Co-operative Group totaling $183 million – fall-out from Fonterra’s product recall of 2013.
Fonterra has confirmed the amount, but is not yet able to comment on the full financial implications for the co-operative. Earlier today it requested an immediate trading halt to be applied to their securities on the ASX, the NZX and the Fonterra Shareholders Market to give it time to consider the impending decision.
The damages have been awarded by the arbitration tribunal considering a $980 million damages claim made against the cooperative by Danone. The Danone claim followed Fonterra’s 2013 whey protein concentrate precautionary recall.
Fonterra CEO Theo Spierings said the co-operative expected to make a market announcement in relation to the Danone arbitration decision as soon as possible after the decision is received.
“Fonterra remains in a strong financial position and any damages award will not affect our ability to operate. We will share further details with the market, our farmers and staff as soon as practical,” he said.
Danone has released a statement saying it welcomes this arbitration decision “as a guarantee that the lessons from the crisis will not be forgotten”.
One of Fonterra's largest milk suppliers says Fonterra's board and management have got what they wanted - a great turnout and a positive signal from shareholders on the sale of its co-operative's consumer and related business.
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.
OPINION: A short-term sugar hit. That's what NZ First leader Winston Peters is calling the proposed sale of Fonterra's consumer and associated businesses.
When Professor Pierre Venter takes up his new role as vice chancellor at Massey University next February it will just be a matter of taking a few steps across the road to get to his new office at the Palmerston North Campus.
A large slice of the $3.2 billion proposed capital return for Fonterra farmer shareholders could end up with the banks.
Allan Freeth, chief executive of the Environmental Protection Authority (EPA) has announced he is resigning.
A rare weather double-whammy has seen many South Island farmers having to deal with unseasonal snow while still cut off from power supplies after an unprecedented windstorm.
One of Fonterra's largest milk suppliers says Fonterra's board and management have got what they wanted - a great turnout and a positive signal from shareholders on the sale of its co-operative's consumer and related business.
Wool farmers are hoping that efforts by two leading companies to develop a more efficient supply chain would eventually boost farmgate returns.
Acclaimed fruit grower Dean Astill never imagined he would have achieved so much in the years since being named the first Young Horticulturist of the Year, 20 years ago.
The Ashburton-based Carrfields Group continues to show commitment to future growth and in the agricultural sector with its latest investment, the recently acquired 'Spring Farm' adjacent to State Highway 1, Winslow, just south of Ashburton.
OPINION: Microplastics are turning up just about everywhere in the global food supply, including in fish, cups of tea, and…
OPINION: At a time when dairy prices are at record highs, no one was expecting the world's second largest dairy…
