Wednesday 23rd December 2020 |
Text too small? |
As previously announced in October 2020, Fonterra agreed to sell its two wholly-owned farming hubs in China to Inner Mongolia Natural Dairy Co. Ltd, a subsidiary of China Youran Dairy Group Limited (Youran). The transaction is subject to anti-trust clearance and other regulatory approvals in China.
Fonterra can now advise that the anti-trust clearance has been received. Subject to obtaining the remaining regulatory approvals in China, Fonterra expects to complete the sale within this financial year.
The transaction value initially indicated of RMB 2.31 billion remains subject to usual purchase price adjustments. As previously announced, Fonterra intends to use the cash proceeds from the transaction to pay down debt, as part of its overall debt reduction programme.
See the link below for more details:
Sale of wholly owned China Farms receives antitrust clearance
Source: Fonterra Shareholders' Fund
No comments yet
Chatham Rock Phosphate Limited (NZX: CRP) Chatham Successfully Completes Private Placement
Turners Automotive Group Limited (NZX: TRA) Upgrades FY21 Earnings Guidance
Blackwell Global Holdings Limited (NZX: BGI) Restructure of Business Operations
Vista Group International Limited (NZX: VGL) Vista Group appoints James Miller as Independent Director
Rakon Limited (NZX: RAK) Update of FY2021 Earnings Guidance
The a2 Milk Company Limited (NZX: ATM) Organisational Announcement
Reserve Bank of New Zealand Committed to Action as It Responds to Data Breach
MHM Automation Limited (NZX: MHM) Settlement of New Plymouth Building Sale
Napier Port Holdings Limited (NZX: NPH) First Quarter 2021 Trade Volumes
New Zealand Oil & Gas Limited (NZX: NZO) Mahato PSC Update - Oil Production