12.20pm Agriculture Minister Jim Anderton says the Government will be closely following Fonterra's discussions with its shareholders about its capital structure. He says that any change to the capital structure would need to be approved by shareholders before Fonterra approached Parliament for legislation to implement a change.
12.10pm Business Herald editor Liam Dann calls Fonterra's move a "much needed heart transplant" for the ailing NZ sharemarket.
12.05pm The Government announces that it will require Fonterra to maintain its headquarters in New Zealand, and stay under New Zealand ownership. This is in addition to their wish that its chairman, chief executive and chief financial officer live in the country.
12.00pm Fonterra chairman Henry van der Heyden announces Fonterra plan. The dairy giant's board recommends to farmers that all of the company's assets, liabilities and operations be split from the co-operative and listed.
11.45am
Going into the Fonterra special meeting, dairy farmers tell Radio New Zealand that their main concern is to ensure the co-operative stays under farmer control.
