OPINION: Agriculture Minister Damien O’Connor has
thrown a spanner in the
works as far as Fonterra’s
proposed capital structure
is concerned.
He wants unspecified
“alternative measures”
otherwise Parliament
won’t pass regulatory
changes needed for the
new structure to become
effective.
O’Connor’s stance is
going against the wishes
of Fonterra’s 10,000
farmer shareholders, who
have helped the board
draft the capital structure
proposal so that it remains
100% farmer owned and
controlled.
But O’Connor was singing
a different tune when
Westland Milk, located on
his home patch, was sold
to a Chinese buyer two
years ago.
He was unhappy with
the co-op being offloaded
to an overseas buyer and
even wished Fonterra had
bought the Hokitika-based
business.