Fonterra CEO Miles Hurrell. In the weeks ahead, Fonterra will be engaging with potential buyers of the Consumer and associated business. Photo / NZME
Fonterra CEO Miles Hurrell. In the weeks ahead, Fonterra will be engaging with potential buyers of the Consumer and associated business. Photo / NZME
Fonterra is testing both a trade sale and an initial public offering as potential divestment options for its global Consumer business and integrated businesses, Fonterra Oceania and Sri Lanka.
“Our intention is to thoroughly test the terms and value of both a trade sale and IPO before selecting anoption to put to farmer shareholders for a vote,” chief executive Miles Hurrell said.
As part of the trade sale process, over the coming weeks Fonterra will be engaging with potential buyers of the Consumer and associated business, he said.
Meanwhile, as part of preparing for a potential IPO, Fonterra has named key management team members and chosen a corporate brand for the entity if it is to be publicly listed.
It has chosen Mainland Group as the corporate brand for the group if it proceeds with an IPO.
“The Mainland brand has a strong New Zealand dairy heritage and is also well known by consumers in New Zealand, Australia and across many of our global markets,” Hurrell said.
René Dedoncker has been named CEO-elect for Mainland Group, and Paul Victor has been appointed CFO-elect.
Fonterra continues to target a significant capital return to be made to farmer shareholders and unit holders following the divestment.
