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.
FONTERRA IS "very confident" with its legal position in the Danone case and has budgeted just $11 million, says Lukas Paravicini, chief financial officer.
The $11 million set aside in the Danone law suit is what it views as its legal obligation in the contract, Paravicini said today at the release of its half-year result.
"We are very confident with our legal position and we will defend that position vigorously and at this stage we do not see the need for any further provisions under the legal contractual obligation."
Danone has previously indicated lost sales from precautionary food safety recall of whey protein concentrate supplied by Fonterra cost the company at least $500 million.
Chief executive Theo Spierings said today Fonterra would be happy to have Danone back as a customer.
"Danone is a very key customer, it is very unfortunate we went through the 'event'. There's two parties involved here – two parties with different opinions."
He says they would be open to a commercial discussion with Danone at all times. "But there is a legal situation ... so we are not going to talk about it here right now," he told a press conference at the Auckland's head office.
But on the commercial side they have an approach of "an open line like any customer", he said.
Acclaimed fruit grower Dean Astill never imagined he would have achieved so much in the years since being named the first Young Horticulturist of the Year, 20 years ago.
The Ashburton-based Carrfields Group continues to show commitment to future growth and in the agricultural sector with its latest investment, the recently acquired 'Spring Farm' adjacent to State Highway 1, Winslow, just south of Ashburton.
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.
A major feature of the Ashburton A&P Show, to be held on October 31 and November 1, will be the annual trans-Tasman Sheep Dog Trial test match, with the best heading dogs from both sides of the Tasman going head-to-head in two teams of four.
Fewer bobby calves are heading to the works this season, as more dairy farmers recognise the value of rearing calves for beef.
The key to a dairy system that generates high profit with a low emissions intensity is using low footprint feed, says Fonterra program manager on-farm excellence, Louise Cook.

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