Fonterra shaves 50c off forecast milk price
Fonterra has dropped its forecast milk price mid-point by 50c as a surge in global milk production is putting downward pressure on commodity prices.
The co-op is continuing the ownership review of its Australian business and the divestment for its Chilean business, Soprole, is underway.
Fonterra chief financial officer Marc Rivers says both processes are running smoothly.
He expects a lot of interest in the Soprole business which has been performing strongly.
The Australian business review is more complex, he says, given its connection to Fonterra's New Zealand business.
Rivers says the co-op is not rushing to make a decision on both businesses.
"We're taking our time to ensure the best outcomes for both businesses and remain confident on delivering on our intention to return to our shareholders and unit holders by FY24," he says.
