Fonterra confirms NZ Dairies price

Last updated 16:47 16/01/2013

Related Links

NZ Dairies in receivership

Relevant offers

Farming

Definition of a carbon forest must change for farmers to benefit Best farm ideas make it through from computer wizards in 'Hackathon' The Green Issue: Linkwater dairy farmers see benefits in more sustainable farming practices Rural people say boarding allowances are too strict Cambridge sheep and beef farmers named Waikato's top environmental farmers Eight farmers battling it out for Young Farmer title in Waikato/Bay of Plenty region Focus needs to go on depression in rural sector Health and safety comes first, says dairy farm manager Joshua Monks Tiny toy trucks tow real-sized Hilux Body condition scoring vital as calving approaches, expert says

Fonterra has confirmed it paid $48.5 million for the assets of failed Canterbury milk processing company New Zealand Dairies.

The Studholme dairy company was owned by Russian infant food manufacturer Nutritek, whose parent company went bankrupt.

Receiver BDO's report showing dominant New Zealand milk processor Fonterra paid $48.5m for the South Canterbury assets has been confirmed by Fonterra.

NZ Dairies, in which the Russians invested more than $100m, was put into receivership in May last year, owing more than $26m to its farmers and throwing their supply future into doubt on the eve of a new dairy season.

Fonterra, which collects 90 per cent of milk in this country, was cleared by the Commerce Commission late last year to acquire the Canterbury company's assets.

Ad Feedback

- Waikato Times

Special offers
Opinion poll

Is it time for authorities to introduce tougher penalties for poaching?

Yes

No

Vote Result

Related story: Booby traps for poachers cost farmers

Featured Promotions

Sponsored Content

Agri e-editions

Digital editions

Read our rural publications online