Chairman Peter McBride says the prevailing price has been undervaluing Fonterra shares, particularly since late April.
Meanwhile, dairy prices have risen 1.5 percent in this morning’s first Global Dairy Trade auction of the new season.
Skim milk is up three percent, while whole milk powder is down 0.3 percent.
Saputo’s newly-appointed chief operations officer Frank Guido is to step down for unstated personal reasons, the dairy giant has announced.
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