Bakers prefer butter, helping prices soar
Consumers around the world are willing to pay more for products containing dairy and this is driving demand for butter and cream, says Fonterra.
Votes cast at eight meeting venues around the country are now being counted. The meeting ended at 1.35pm.
Fonterra chairman Henry van der Heyden says he has convened a special board meeting this afternoon.
"Once the votes are counted and the results are out, the board will decide whether to proceed with TAF," he told the Hamilton meeting.
Van der Heyden says he will email shareholders on the board decision before holding a media conference.
He has asked for "a clear mandate" from shareholders.
Meanwhile Federated Farmers Dairy chairman Willy Leferink is urging shareholders to respect the board's decision.
"I urge shareholders to show respect to whatever decision the board makes this afternoon," he told farmers from the Ashburton meeting.
He thanks the Fonterra board for holding the second vote on TAF.
