Fonterra to Engage with Potential Buyers for Global Consumer Business and IPO Preparation
Fonterra, the dairy industry leader based in Auckland, New Zealand, announced plans to engage with potential buyers for its global consumer business and integrated businesses in the coming weeks. This move aligns with the company's previously outlined intention to explore divestment options for Fonterra Oceania and Fonterra Sri Lanka.
CEO Miles Hurrell stated, "We aim to thoroughly assess the terms and value of both a trade sale and IPO before presenting an option to our farmer shareholders for a vote."
The operations under consideration for sale or divestment generated approximately 19% of the group's operating earnings in the first half of fiscal 2024. In the event of an IPO, Fonterra has chosen Mainland Group as the brand name and appointed René Dedoncker as the CEO-elect. Paul Victor, previously CFO of Incitec Pivot, has also been named CFO-elect of Mainland Group.
"We acknowledge the ongoing interest in the divestment process and will provide further updates as we progress," added Hurrell.