Tag Archives: Fonterra

The New Zealand dollar gained after Fonterra Cooperative Group lifted its forecast payout to farmers next year on rising dairy prices, and after Chinese manufacturing figures on the weekend gave investors heart about the strength of the world’s second-biggest economy. The kiwi rose to 83.32 US cents at 5pm in Wellington from 83.12 cents at 8.30am and 83.24 cents on …

Fonterra Cooperative Group, which raised $525 million through a unit trust for external investors last month, has hiked its forecast payment to farmers and expects to see more gains in global dairy prices next year. The dairy cooperative increased its forecast farmgate milk price by 25 cents to $5.50 per kilogram of milksolids and held the expected dividend payment of …

Commonwealth Bank of Australia is the first overseas investors to disclose a substantial holding in units of the Fonterra Shareholders’ Fund that debuted a week ago. Funds associated with Australia’s biggest lender hold 7.4 percent of the units, according to a substantial security notice yesterday. The funds bought 6.6 million units at a grand total of some A$31 million on …

BusinessDesk  Fonterra Cooperative Group, the world’s biggest exporter of dairy products, is seeking consents to build a new milk powder plant at Pahiatua, more than doubling output from the site and mopping up surplus milk in the lower North Island. The third drier at Pahiatua would process 2.5 million litres of milk a day, making it a similar size to …

BusinessDesk  The historic listing of Fonterra units on the NZX caused mammoth volumes by New Zealand market standards and the biggest listing day stag that investors have seen for years. The non-voting units, which launched at midday today, surged as high as $6.95, a 26 percent stag before closing at $6.85 from an offer price of $5.50. The fund’s turnover …

BusinessDesk  Fonterra Shareholders’ Fund units soared as much as 22 percent on their NZX debut as investors leapt at the chance to get access to the dairy exporters’ earnings stream, though no farmers used the scheme to trade their own shares. The units jumped as high as $6.71 from the $5.50 offer price set in this week’s book-build in a …

BusinessDesk  Units in the Fonterra Shareholders’ Fund jumped 21 percent on their debut as investors clamoured to get more exposure to the dairy cooperative’s earnings after a $525 million initial public offer. The fund, which grants holders access to Fonterra’s dividends but not voting rights, opened at $6.66, after the issue price was set at $5.50 after a bookbuild, the …

BusinessDesk  Fonterra Cooperative Group’s Australia New Zealand managing director John Doumani will leave the dairy exporter after the company rejigged its regional boundaries. The cooperative, fresh from raising $525 million through its shareholders’ fund to reduce shareholder redemption risk, has reorganised its consumer businesses to combine Australia and New Zealand with the ASEAN/Middle East/North Africa unit, it said in a …

Fonterra will open an office in Delhi  next year and has appointed Hamish Gowans GM to run the Indian operations. It will be the Co-operative’s first operating office in India and the first time Fonterra has employed its own India-based staff. These developments follow Fonterra’s strategy refresh in March. Fonterra President Greater China and India Kelvin Wickham said the opening …

Fonterra Cooperative Group priced its units at $5.50 apiece, the top end of the range proposed in a bookbuild, with strong global demand ensuring 42 percent of the fund has been sold to overseas investors. Units in the $525 million Fonterra Shareholders’ Fund are scheduled to begin trading on the NZX at noon on Friday, giving liquidity to the Trading …