Friday, 01 December 2017 09:12

Fonterra calls for trading halt

Written by 
Fonterra CEO Theo Spierings. Fonterra CEO Theo Spierings.

Fonterra Co-operative Group Limited has requested an immediate trading halt to be applied to their securities on the ASX, the NZX and the Fonterra Shareholders Market.

This trading halt comes as Fonterra awaits a decision 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 says it was advised it will receive the arbitration tribunal’s decision today. It says neither party has been given advance notice of the tribunal’s findings and that it will not be in a position to immediately assess any financial implications and advise the market.

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.

More like this

Fonterra vote

OPINION: Voting is underway for Fonterra’s divestment proposal, with shareholders deciding whether or not sell its consumer brands business.

Winston Peters questions Fonterra divestment plan

Foreign Affairs Minister Winston Peters has joined the debate around the proposed sale of Fonterra’s consumer and related businesses, demanding answers from the co-operative around its milk supply deal with the buyer, Lactalis.

Editorial: A new era for two co-ops

OPINION: Farmer shareholders of two of New Zealand's largest co-operatives have an important decision to make this month and what they decide could change the landscape of the dairy and meat sectors in New Zealand.

Featured

Farewell Jim

In a few hundred words it's impossible to adequately describe the outstanding contribution that James Brendan Bolger made to New Zealand since he first entered politics in 1972.

National

Machinery & Products

» Latest Print Issues Online

Milking It

Fonterra vote

OPINION: Voting is underway for Fonterra’s divestment proposal, with shareholders deciding whether or not sell its consumer brands business.

Follow the police beat

OPINION: Politicians and Wellington bureaucrats should take a leaf out of the book of Canterbury District Police Commander Superintendent Tony Hill.

» Connect with Dairy News

» eNewsletter

Subscribe to our weekly newsletter