On 18 November 2022, Fonterra announced the divestment of its Chilean Soprole business.
The divestment comprises a number of transactions with aggregate consideration of 591.07 billion Chilean Pesos (approximately NZD1.055 billion).
Fonterra CEO, Miles Hurrell, says that the divestment process for the Soprole business formally commenced in April 2022 and is being sold to Gloria Foods - JORB S.A. (Gloria Foods).
The divestment is subject to a number of conditions, including regulatory approvals and an irrevocable public tender offer process in Chile.
Fonterra will provide an update on the overall impact of its divestment programme as part of its FY23 financial reporting.
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