News dalla rete ITA

26 Settembre 2022

Australia - Nuova Zelanda

NZ DAIRY GIANT FONTERRA TO KEEP 100PC OF AUSTRALIAN BUSINESS

New Zealand dairy giant Fonterra has decided to retain full ownership of its Australian business after a 12-month review, saying the Australian consumer brands are important in the company’s strategy of moving higher up the value chain.Fonterra’s Australian business includes consumer brands Western Star butter, Perfect Italiano and Mainland cheese. It also operates the Bega cheese brand under a long-standing licence arrangement (signed in 2001) even though Bega Cheese is a rival dairy and food company. Fonterra was able to use Bega’s name on natural and processed cheddar cheese, string cheese and butter products sold in Australia. In return, it paid Bega Cheese royalties based on retail sales of these products.Fonterra, a co-operative which is owned by 10,000 farmer shareholders, began the review a year ago. Among the options was a potential public float of the business or a sale of a partial stake. Analysts suggested the IPO could have been worth between $1 billion and $1.2 billion.It still intends to make a capital return to its shareholders by 2024, but it may not be as high as the previously foreshadowed return of about NZ$1 billion (AU$585 million).Fonterra is selling its Chilean business Soprole after an ill-timed expansion and has redirected its focus to being a big exporter from NZ.Fonterra reported its full-year results for the 12 months ended July 31, with normalised net profit up 1 per cent to $NZ591 million. Total revenues were up 11 per cent to $NZ23.4 billion.  (ICE SYDNEY)


Fonte notizia: AFR 22.09.2022