Coutts appointed chair-elect of Mainland Group
Fonterra has named Elizabeth (Liz) Coutts the chair of Mainland Group, the proposed divestment entity of the co-operative’s consumer business.
Bidders are lining up for beleaguered Australian dairy co-op Murray Goulburn.
Fonterra has been named by Australian media as one of the bidders; others include A2 Milk and several Chinese dairy players.
The co-op, Australia’s largest processor of milk, is in strife following the sharp drop in dairy prices over the past two years; the co-op was forced to claw back milk payout from farmers, triggering an exodus of suppliers.
Recently it announced an after-tax loss for 2016-17 of A$370 million.
MG has told farmer shareholders that all options are on the table as part of a strategic review underway.
“There is no pre-determined outcome to the strategic review and all options are on the table,’ it says.
MG says since announcing the review, MG and its financial advisor have received a range of proposals from third parties. “It is the duty of MG’s directors to consider whether any bona fide propositions tabled are in the best interest of MG’s shareholders.
“The board has asked our advisor to now review any formal proposals received to determine how they might add value to MG’s suppliers, shareholders, and unitholders.”
MG says any potential bidder’s ability to pay higher farmgate prices, access capital for future developments and views on its co-op principles will be crucial for its shareholders.
Fonterra has been approached for comment.
Rural retailer Farmlands has launched a new casual clothing range available across 42 stores nationwide and through its online store.
Federated Farmers says the health and safety changes announced this week by the Government represent the start of overdue reforms.
The Government is calling on rural New Zealanders to share their views on proposed regulations designed to improve the management of farm plastic waste.
For many urban New Zealanders, stepping into Pāmu’s Pinta dairy farm near Taupo last month was the first time they had had the chance to experience farm life up close.
After tasting 240 New Zealand made cheeses, judges have bestowed medals upon 199 of the entries.
Bay of Plenty’s top share farmers Andre and Natalie Meier are no strangers to the New Zealand Dairy Industry Awards winning circle.
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