Winston Peters calls Fonterra vote result 'utter madness'
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.
The case arose from claims by several farmers in the state of Victoria that Fonterra had breached the terms of its supply contracts and misled suppliers when it moved to cut milk payouts in 2016.
The farmers claimed Fonterra's milk payout was based on meeting or exceeding those of competitor, Murray Goulburn, rather than in line with their supply contracts.
Murray Goulburn cut its forecast price by as much as 15% and shortly afterwards Fonterra moved to cut its payout by nearly as much.
The co-op says the settlement is made without any admission of liability.
