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

Two re-elected to co-op

Re-elected Fonterra directors Andy Macfarlane and Donna Smit are looking forward to another three years on the board.

» The RNG Weather Report

Featured

Hot cows affect reproduction

Heat stress has a big effect on reproduction, explains Greg Jarratt, vet and director of Matamata Veterinary Services.

 

Speakers lined up for expo

A strong lineup of industry speakers will feature at this month’s NZ Effluent & Environment Expo in Waikato.

» The RNG Weather Report

» Latest Print Issues Online

Milking It

Angry as usual

The usual culprits are angry at hearing last week that the Government and the agri sector will work together to…

Vladimir the dairy farmer

Russian President Vladimir Putin is a master tactician in taking advantage of international conflicts.

» Connect with Dairy News