Fonterra’s Spierings says Danone commercial solution may not be possible, sees no liability

Sun, 01 Dec 2013

By Jonathan Underhill Dec. 2 (BusinessDesk) – Fonterra Cooperative Group chief executive Theo Spierings says months of talks with Danone over losses from the whey protein concentrate recall have failed to reach a commercial solution, suggesting the issue may end up in the courts. Danone put the cost of the Fonterra WPC 80 recall at 350 million euros when it announced its third-quarter results last month. Spierings was questioned today at the Fonterra Shareholders’ Fund annual meeting in Auckland about whether a $14 million contingent liabili...

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