"Our" business?
OPINION: One particular bone the Hound has been gnawing on for years now is how the chattering classes want it both ways when it comes to the success of NZ's dairy industry.
Troubled Chinese infant formula company Beingmate has sold a subsidiary, despite opposition from cornerstone shareholder Fonterra which owns an 18.8% interest.
Beingmate Baby & Child Food Company announced last week that the board has given a green light to sell its fully owned subsidiary Hangzhou Beingmate Dou Dou Children Nutrition Food Co.
An earlier attempt to sell the company was blocked by the board in January because Beingmate B&C was planning to sell it to founder Sam Xie’s associated company.
This time B&C says it will not be sold to related parties.
Fonterra opposed the sale because the Dou Dou company owns a manufacturing plant located on valuable land within a China national heritage zone. The value of this land is expected to soar when its heritage status is approved by the UN.
Fonterra believes Beingmate is selling the land for less than its true value.
The co-op will this week announce its half-year results, expected to contain an update on its $750m investment in Beingmate and another writedown of the value of its 18.8% shareholding.
Fonterra paid $750 million for its stake in Beingmate; the Chinese company’s shares have recently been changing hands at about RMB 5.56, versus the RMB 18 Fonterra paid for them.
Alliance has announced a series of capital raise roadshow event, starting on 29 September in Tuatapere, Southland.
State farmer Pāmu (Landcorp) has announced a new equity partnership in an effort to support pathways to farm ownership for livestock farm operators.
Following a recent overweight incursion that saw a Mid-Canterbury contractor cop a $12,150 fine, the rural contracting industry is calling time on what they consider to be outdated and unworkable regulations regarding weight and dimensions that they say are impeding their businesses.
Trade Minister Todd McClay says his officials plan to meet their US counterparts every month from now on to better understand how the 15% tariff issue there will play out, and try and get some certainty there for our exporters about the future.
Brett Wotton, an Eastern Bay of Plenty kiwifruit grower and harvest contractor, has won the 2025 Kiwifruit Innovation Award for his work to support lifting fruit quality across the industry.
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