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.
Waikato dairy processor Tatua has announced a final payout of $7.50/kgMS for 2011-12, easily beating Fonterra.
The co-op has also retained 54c/kgMS to strengthen its balance sheet. Fonterra last week announced a final payout of $6.40/kgMS, made up of a milk price of $6.08/kgMS and a dividend payout of 32c/share. Fonterra retained 10c/share from its shareholders.
Tatua chairman Steve Allen says the 2011-12 season has been another positive one for it and its 109 suppliers.
"Demand for our products has remained firm throughout the year and our product mix returns were favourable," he says.
Milk supply from Tatua Suppliers was 13.2 million kilograms of milksolids, an increase of 9.5% from the previous year. The company's gearing ratio (of debt divided by debt plus equity) increased in line with expectations to 34%.
However, the co-op says foreign exchange management continues to be a challenge with the New Zealand dollar remaining elevated throughout the year.
"Our foreign exchange hedging policies have mitigated the impact of this to a considerable extent," he says.
Federated Farmers says the final report into banking competition is a significant step forward for rural New Zealand - and a vindication of the farming sector's concern.
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.
Fonterra chief executive Miles Hurrell says the sale of the co-op’s consumer and associated businesses to Lactalis represents a great outcome for the co-op.
The world’s largest milk company Lactalis has won the bid for Fonterra’s global consumer and associated businesses.
Fonterra has increased its 2024/25 forecast Farmgate Milk Price from $10/kgMS to $10.15/kgMS.
It took a stint at university to remind Otago dairy farmer Megan Morrison that being stuck in a classroom was not for her.
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