Fonterra cements position as the big cheese!
Fonterra has cemented its position as the country’s number one cheesemaker by picking up nine NZ Champion of Cheese trophies this year.
Bidders are lining up for beleaguered Australian dairy co-op Murray Goulburn.
Fonterra has been named by Australian media as one of the bidders; others include A2 Milk and several Chinese dairy players.
The co-op, Australia’s largest processor of milk, is in strife following the sharp drop in dairy prices over the past two years; the co-op was forced to claw back milk payout from farmers, triggering an exodus of suppliers.
Recently it announced an after-tax loss for 2016-17 of A$370 million.
MG has told farmer shareholders that all options are on the table as part of a strategic review underway.
“There is no pre-determined outcome to the strategic review and all options are on the table,’ it says.
MG says since announcing the review, MG and its financial advisor have received a range of proposals from third parties. “It is the duty of MG’s directors to consider whether any bona fide propositions tabled are in the best interest of MG’s shareholders.
“The board has asked our advisor to now review any formal proposals received to determine how they might add value to MG’s suppliers, shareholders, and unitholders.”
MG says any potential bidder’s ability to pay higher farmgate prices, access capital for future developments and views on its co-op principles will be crucial for its shareholders.
Fonterra has been approached for comment.
Fonterra has cemented its position as the country’s number one cheesemaker by picking up nine NZ Champion of Cheese trophies this year.
New Zealand dairy processors are welcoming the Government’s commitment to continuing to push for Canada to honour its trade commitments.
An educational programme, set up by Beef + Land New Zealand, to connect farmers virtually with primary and intermediate school students has reported the successful completion of its second year.
The Food and Agriculture Organisation of the United Nations (FAO) has welcomed a resolution adopted by the United Nations (UN) General Assembly to declare 2026 International Year of the Woman Farmer.
Waikato herd health veterinarian Katrina Roberts is the 2024 Fonterra Dairy Woman of the Year.
Horticulture NZ chief executive Nadine Tunley will step down in August.
OPINION: Canterbury milk processor Synlait is showing no sign of bouncing back from its financial doldrums.
OPINION: It seems every bugger in this country can get an award these days.