Milk price certainty
Westland Milk has reaffirmed its commitment to pay farmer suppliers 10c above Fonterra farm gate milk price for the following two seasons.
The sale of Westland Milk to Chinese company Yili is now complete.
The High Court today gave the final consent for Yili to take over the co-op from farmer shareholders for $588m.
The Overseas Investment Office (OIO) gave its blessings to the deal earlier this week.
The High Court decision means Westland shareholders will receive an immediate payment of $3.41/share in the company.
Yili already has a presence in New Zealand, after it acquired Oceania Dairy Group in 2013.
It has since invested approximately $660 million in establishing milk powder, infant formula and UHT production lines for Oceania.
Westland shareholders voted overwhelmingly to accept the Yili offer two weeks ago.
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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.
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