Fonterra, Sharesies join to make share trading easier
Fonterra is teaming up with wealth app provider Sharesies to make it easier for its farmer shareholders to trade co-op shares among themselves.
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.
Federated Farmers president Wayne Langford is claiming “some real success” on the 12 policy priorities it placed before the Coalition Government.
Federated Farmers is throwing its support behind the Fast-track Approvals Bill introduced by the Coalition Government to enable a fast-track decision-making process for infrastructure and development projects.
The latest report from ANZ isn’t good news for sheep farmers: lamb returns are forecast to remain low.
Divine table grapes that herald the start of a brand-new industry in Hawke’s Bay have been coming off vines in Maraekakaho.
In what appears to be a casualty of the downturn in the agricultural sector, a well-known machinery brand is now in the hands of liquidators and owing creditors $6.6 million.
One of New Zealand’s deepest breeder Jersey herds – known for its enduring connection through cattle with the UK’s longest reigning monarch, Queen Elizabeth II – will host its 75th anniversary celebration sale on-farm on April 22.