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Fonterra is New Zealand’s largest company, in New Zealand’s most important sector. As such, Fonterra is fundamental to New Zealand’s current and future economic health.
Fonterra's Board has laid out some clear strategic choices, one of which involves building significant value outside New Zealand and beyond the farm gate.
The preferred capital structure option released by the Fonterra Board today supports that strategy. The choice laid out for Fonterra is brave and aspirational. These are values NZX recognises as core to Fonterra and its owners.
The preferred capital structure laid out today is also strongly pro New Zealand, and favours permanent control held in New Zealand and by farmers.
NZX CEO Mark Weldon said, “If the farmers determine to support the preferred capital structure, NZX would be honoured to work with Fonterra to support it in becoming an even more successful global company, owned and operated from a strong New Zealand farming base.
“Fonterra has a comprehensive consultation period ahead. We need to respect that, therefore it is not appropriate for NZX to be commenting on a process that is for Fonterra and its shareholders to engage in.”
NZX will make no further comment at this time.
