Fonterra units priced at $5.50, top end of range, with 42 percent sold offshore

Tue, 27 Nov 2012

Nov. 27 (BusinessDesk) - Fonterra Cooperative Group priced its units at $5.50 apiece, the top end of the range proposed in a bookbuild, with strong global demand ensuring 42 percent of the fund has been sold to overseas investors. Units in the $525 million Fonterra Shareholders’ Fund are scheduled to begin trading on the NZX at noon on Friday, giving liquidity to the Trading Among Farmers scheme that ends the company’s annual redemption risk and gives more certainty to its balance sheet. The indicative range for the units was indicative pric...

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