Fonterra seeks strong farmer mandate for sale
Fonterra chair Peter McBride expects a strong mandate from farmers shareholders for the proposed sale of its consumer and related businesses to Lactalis for $3.8 billion.
With the milk payout falling and little sign of a bounce-back in the near future, many farmers are struggling to break even. Yet, Fonterra is forking out nearly $20 million for milk for schools.
The management review of Fonterra should be widened to include freebies Fonterra is giving the community; these might be a good public relations exercise but in these tough times every dollar should be returned to farmer shareholders, not thrown at a need the Government must take responsibility for.
