Co-op unpacks both a trade sale and initial public offering as potential divestment options.
Fonterra has announced it will start engaging with potential buyers of its consumer, Oceania and Sri Lanka businesses as it progresses towards putting the divestment to a shareholder vote.
In November, the co-operative announced it was pursuing both a trade sale and initial public offering (IPO) as potential divestment options, Fonterra CEO Miles Hurrell said in an update on the divestment of the businesses.
“Our intention is to thoroughly test the terms and value of both a trade sale and IPO before selecting an option to put to farmer shareholders for a vote,” he said.
Over the coming weeks Fonterra will be engaging with potential buyers of the consumer and associated business as part of the trade sale process.
Fonterra’s managing director of global markets consumer and foodservice, René Dedoncker, has been named CEO-elect of Mainland Group. Paul Victor has been appointed Mainland Group’s CFO-elect.
Both will lead roadshow meetings with potential investor groups, starting in March, Hurrell said.
“We recognise the ongoing interest in the divestment process and will provide further updates as we make progress.”
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