Revamped Fonterra to be ‘more capital-efficient’
Fonterra chair Peter McBride says the divestment of Mainland Group is their last significant asset sale and signals the end of structural changes.
While shareholders at the annual meeting in Waitoa are yet to cast their votes, 54.4% of votes received before 10am on Monday supported the motion.
Former Fonterra directors Colin Armer and Greg Gent spoke in favour of the motion at the meeting today. However, it will not reach the 75% threshold required to change the constitution.
Fonterra's board and the Shareholders Council are opposing the motion.
More to come
