O'Connor won't support current Fonterra capital restructuring plan

Damien O’Connor is concerned about the risk of diverging shareholders' interests. (Image: Getty)

Wed, 17 Nov 2021

Agriculture Minister Damien O’Connor said Fonterra’s proposed capital structure could create competing shareholder priorities and the government can’t back it at this stage.But Fonterra chair Peter McBride said he is confident he can get the government onboard. The proposal, which caps the size of the Fonterra shareholders’ fund and sets a new minimum shareholder requirement of one share per three kilograms of milk solids produced, down from the current one-for-one requirement, needs government support to amend the...

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