Australia’s Perpetual swoops on Fonterra in wake of food scare by buying units

Wed, 07 Aug 2013

By Paul McBeth Aug 8 (BusinessDesk) - ASX-listed fund manager Perpetual has used Fonterra Cooperative Group’s food scare to trawl for cheap units in the dairy exporter’s listed fund. Funds managed by Perpetual bought about 1.26 million units, or 1.17 percent, of Fonterra Shareholders’ Fund for some A$7.32 million on Aug. 5, when the price plunged in the first trading day after the dairy company said some of its product may have been tainted by bacteria that can cause botulism. The average purchase price was just under A$5.83 per unit, and...

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