Fonterra consumer business sale price jumps to $4.22b
The sale price of Fonterra’s global consumer and associated businesses to the world’s largest dairy company Lactalis has risen to $4.22 billion.
Former Fonterra director Leonie Guiney says she is keeping her options open about contesting this year’s board elections.
Guiney has been buoyed by support from farmers during her recent legal battle with the Fonterra board; the co-op took a court injunction that gagged media outlets from publishing ‘confidential information’ said to have been obtained from Guiney.
However last week, the board wrote to shareholders saying the legal proceedings had been settled.
“Fonterra and Leonie Guiney have agreed to settle the legal proceedings between them. Fonterra has agreed to meet Ms Guiney’s costs,” it said.
Guiney says she is delighted with the outcome.
“Common sense has eventually prevailed. I look forward to more timely and transparent action on issues that impact farmer owners’ investment in Fonterra, our cooperative and therefore New Zealand,” she says.
“Credit and thanks to all the shareholders who supported me. All funds donated will now be donated to Farmstrong.”
Guiney says as soon as the settlement occurs the solicitors will file a notice of discontinuance after which the injunction will be lifted.
Fonterra is no longer pursuing any ‘confidentiality issues’, required to keep an injunction in place.
The Fonterra board has softened its stance against Guiney since John Wilson said he will quit as chairman in November.
Wilson was one of the three board directors up for retirement by rotation; the two others, Ashley Waugh and Nicola Shadbolt, haven’t yet declared themselves available for re-election. Wilson’s departure will create one vacancy on the board.
Guiney, who served as director from 2014 to 2017, has criticised the director election process.
“Unfortunately the way the system works no one knows whether if you stand you are standing against incumbents or not, or if there are strong alternatives or not , until very late in the process,” she told Rural News.
“My goal is a better Fonterra; secret squirrel election systems are odd for a cooperative or for any elective process, making it hard to determine who might be available for election to contribute to a better Fonterra.
“I’m encouraged by the recent outpouring of support [I would get] from farmers if I chose to contest the election.”
Guiney and her husband Kieran own a dairy farm in Fairlie, South Canterbury.
Thus far in 2025, the Hawke's Bay rescue helicopter crew have completed over 220 missions, resulting in numerous positive patient outcomes.
The New Zealand Food Network's (NZFN) fifth birthday celebrations have been boosted by a whopping five tonne meat donation from meat processor ANZCO.
Pukekohe vegetable growers farewelled 101-year-old Alan Wilcox in late July, celebrating his many achievements and reflecting the widespread respect in which he was held.
A new nationwide survey shows New Zealanders expect farmers and food producers to play a leading role in cutting greenhouse gas emissions, but also gave them higher marks than most industries for their current efforts.
North Otago farmer Jane Smith is standing for the Ravensdown South Island director seat.
The Government and horticulture sector have unveiled a new roadmap with an aim to double horticulture farmgate returns by 2035.