Fonterra has conditional agreement to buy out Saudi JV partner

Fonterra Cooperative Group, the world’s biggest exporter of dairy products, has conditional agreement to purchase the remaining 51% of its Saudi Arabian joint venture from its partner.

Fonterra is still in talks with Saudi Dairy & Foodstuff, known as Sadafco, to acquire the remainder of their JV Saudi New Zealand Dairy Products, said the cooperative’s general manager for strategy, Simon O’Connor.

Settlement is expected in early January, he said. No price was given.

Saudi Arabia and the United Arab Emirates are Fonterra’s fastest growing markets in the Middle East, accounting for 60% of its business in the Gulf region, according to its website.

Businesswire.co.nz

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

FRW - Board update
THL - BGH Consortium confidentiality agreement executed
MEL - Meridian receives final approval on contingent storage
July 3rd Morning Report
KMD Brands completes share consolidation
July 2nd Morning Report
SPK - Spark notes Government spectrum policy announcement
SML - Synlait finalises refinancing and advises changes to balan
KMD strengthens balance sheet with debt refinance
GXH - Green Cross Health Limited - Annual Shareholders' Meeting