New Zealand’s Fonterra drawing up revised capital restructure proposal


FILE PHOTO: A Fonterra milk tanker drives past dairy cows as it arrives at Fonterra’s Te Rapa plant near Hamilton, New Zealand August 6, 2013. REUTERS/Nigel Marple/File Photo/File Photo

July 18, 2021

(Reuters) – Fonterra Co-operative Group Ltd said on Monday it was drawing up a revised proposal to an overhaul of its capital structure that the dairy company proposed in May after completing the first phase of talks with its farmer shareholders.

The world’s top dairy exporter said it was considering a number of changes, including adjusting the minimum shareholding requirements for farmers to 33% of milk supply, rather than the 25% initially proposed.

(Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Peter Cooney)

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