Forget about another share trading review
Former Fonterra director Nicola Shadbolt says the recent collapse of a few dairy cooperatives should be blamed on their strategy, not their co-op structure.
Canadian dairy giant Saputo is buying beleaguered Australian dairy processor Murray Goulburn for A$1.3 billion.
The deal is expected to be ratified by MG shareholders at a meeting later today.
If approved, Saputo will become one of Australia’s largest dairy processors; the company entered the Australian market after buying Warrnambool Cheese and Butter Company three years ago.
Fonterra, which was also vying for Murray Goulburn, misses out on another key Australian asset; it lost a bid for National Foods 10 years ago.
Saputo’s deal with MG includes paying an extra A40c/kgMS for milk this season; MG suppliers will get A$5.60/kgMS from November 1.
Murray Goulburn chairman John Spark says the board believes that the transaction “represents the best available outcome for our suppliers and our investors”.
“Saputo is one of the top ten dairy processors in the world and active in Australia through its ownership of Warrnambool Cheese & Butter (WCB).
“This transaction will crystallise real value for MG’s equity, whilst rewarding our loyal suppliers through the milk supply commitments.”
Spark says MG has reached a position where, as an independent company, its debt was simply too high given the significant milk loss.
“Securing a sustainable future for MG’s loyal suppliers is of paramount importance to the Board. We are pleased with the strong milk commitments secured as part of Saputo’s offer to reward this loyalty.
Saputo has demonstrated itself to be a credible and trusted partner for Australian dairy farmers through its investment in WCB. The transaction has the unanimous support of the MG board.”
One of the country's top Māori sheep and beef farms is facing a five-year battle to get back to where it was before Cyclone Gabrielle struck just over 14 months ago.
Graham Brown, the executive chef for Deer Industry New Zealand (DINZ), is excited about Korea.
One of the country's leading experts on China has praised the NZ Government for its handling of the recent incident with China over that country's cyber attack on two of our parliamentary institutions in 2021.
The world’s largest wool processing facility, badly damaged by Cyclone Gabrielle over one year ago, has re-opened following a $50 million rebuild and refurbishment project.
Kiwi rugby star Renee Holmes is set for a fruitful year.
A new report has revealed the full impact of Cyclone Gabrielle on Hawke’s Bay’s principals and teachers.
OPINION: Talking about plant-based food: “Chicken-free chicken” start-up Sunfed has had its valuation slashed to zero by major investor Blackbird…
OPINION: Synlait's financial woes won’t be going away anytime soon.