Why Fonterra accepted defeat in the dairy aisle
OPINION: Fonterra's sale of its consumer dairy business to Lactalis is a clear sign of the co-operative’s failure to compete in the branded consumer market.
Fonterra is actively undertaking a dual-track process, pursuing both a trade sale and initial public offering (IPO) as potential divestment options.
Fonterra chair Peter McBride says Anne's extensive experience in both executive and board roles across a range of sectors will be valuable to the Mainland Group board.
"Anne's career spans the banking and financial services, consumer goods and energy sectors. She has spent 25 years as a banking executive in global roles, and her governance roles include nine years with the CBA Group, including six as chair of the Group Audit Committee, two years as chair of Blackmores Group, and seven years on the board of Worley Limited, including five years as chair of the Audit and Risk Committee," says McBride.
This appointment follows the co-op's announcement in March that Elizabeth (Liz) Coutts ONZM has been elected as chair-elect for the Mainland Group board.
Fonterra says it also continues to progress the trade sale process, including engaging with potential purchasers of the Consumer and associated business.
The co-op says that it is now at the stage where some potential purchasers may pre-emptively seek regulatory approvals, which is a standard step ahead of any deal being agreed.
