UPDATED: Fonterra says it has ‘clear mandate’ for TAF after gaining 66.45% support from farmers

Mon, 25 Jun 2012

By Jonathan Underhill June 25 (BusinessDesk) - Fonterra Cooperative Group says it has a ‘clear mandate’ to proceed with Trading Among Shareholders, with 66.45 percent approval, and expects to have the scheme in place in November, provided conditions are met, including enabling legislation. The world’s largest dairy exporter needed a 50 percent majority and had hoped to garner as much as 75 percent support to show a clear mandate for the biggest structural changes since it was created in 2001. Under TAF, farmers can sell the rights to their di...

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