Fonterra needs 75% farmer-shareholder support for TAF go-ahead

Fri, 01 Jun 2012

By Pattrick Smellie (Fixes maximum fund size in 3rd graph) June 1 (BusinessDesk) - Fonterra will require a 75 percent majority from its 10,500 farmer-shareholders to move ahead with its proposal to create non-voting, tradeable units allowing arms-length investment in New Zealand's largest business by non-farmers for the first time. In a bid to garner farmer support, and to build a fund no larger than is regarded as necessary to give Fonterra a less volatile capital base, the latest proposals reduce the potential size of the fund, compared to...

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