Fonterra to spend up to $50m to support flagging share price

Wed, 08 Jun 2022

Fonterra said it plans to spend up to $50 million on buying back its own shares from June 30.The move is in reaction to the steep decline in the share price following Fonterra’s announcement on May 6 last year to restructure its capital base.The shares, which can be owned only by farmers, closed Tuesday at $2.50, up from their record low at $2.22 late last month but down from $4.56 on May 5, 2021.Chair Peter McBride said Fonterra has “looked at prevailing prices” alongside the co-operative’s strategy and overall business...

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