Fonterra eyes either sale or IPO of consumer business
Fonterra has updated its plan to divest its global consumer business and integrated businesses, Fonterra Oceania and Fonterra Sri Lanka.
Taupo-based dairy company Miraka has lifted its forecast milk price for the season to $9.17/kgMS.
Miraka chief executive Karl Gradon says he expects the company's milk suppliers will be pleased with the strong 2024-25 season price update.
"Our farmers have experienced a difficult and challenging period, with lower commodities over time and higher operating expenses and interest rates.
"We're supporting them with a strong 2024/25 season forecast milk price."
Miraka's milk price is 17c above Fonterra's mid-point for the season.
Miraka's 2023-24 final milk payout is $8/kgMS. Fonterra's final Farmgate Milk Price for the 2023/24 season finished at $7.8/kgMS. This, combined with the 55 cents per share dividend, provides a total cash payout to a fully shared-up farmer of $8.38/kgMS. The dividend includes a special 15c return to farmers.
Fonterra Co-operative Council chair John Stevenson says the special dividend of 15 cents per share, on top of interim and final dividends totalling 40 cents per share, demonstrates the strength of Fonterra's balance sheet.
"In addition, the special dividend is a welcome acknowledgement of the tough times faced by shareholders in the relatively recent past when the returns from ownership were not adequate."
Fonterra has updated its plan to divest its global consumer business and integrated businesses, Fonterra Oceania and Fonterra Sri Lanka.
Fonterra has announced new financial incentives for farmers who achieve on-farm emissions targets.
OPINION: The farming sector, or at least some parts of it, are preparing for a battle with the Government over its latest international climate change target.
Underground festival is an event for farmers and growers which celebrates the land through great food and inspiring conversations, says event organiser Fran Bailey.
There's been very little reaction to the government science reform announcement, with many saying the devil will be in the detail.
A committee which carried out the review into New Zealand's science system says the underinvestment will continue to compromise the country's future.
OPINION: Ruth Richardson, architect of the 1991 ‘Mother of all Budgets’ and the economic reforms dubbed ‘Ruthanasia’, added her two…
OPINION: Why do vegans and others opposed to eating meat try to convince others that a plant based diet is…