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Yesterday Fonterra announced it agreed to a strategic partnership with New Zealand's Exchange (NZX) and the European Energy Exchange (EEX) to each take ownership stakes in Global Dairy Trade (GDT) alongside the co-op.
Once completed, the arrangement will see each partner holding an equal third (33.33 per cent) shareholding in GDT and working together to grow the auction platform's presence across Asia and Europe where EEX and NZX have comprehensive coverage.
The announcement was "a really positive one for our co-op and GDT, which we've owned for nearly 15 years," chief financial officer at Fonterra, Marc Rivers said.
"We've secured the best partners with NZX and EEX. They're really closely aligned with us on the future possibilities for the [GDT] platform and we're just really excited about it," Rivers told The Country Sport Breakfast's Brian Kelly.