Fonterra confirms NZ Dairies price

Last updated 16:47 16/01/2013

Related Links

NZ Dairies in receivership

Relevant offers

Farming

Court decision puts question mark over controversial Ruataniwha dam Crayfish 'functionally extinct' in the Hauraki Gulf Westland Milk lifts its forecast payout by 20c Stolen herd of dairy cows would cost at least $1m Court upholds councils' rights over genetically modified organisms Shortage of young qualified farriers coming through, says Marlborough farrier Innes Redwood Farmers need to understand soil to make it productive Waitaki Valley water race users call for clarity over future of border dyke irrigation Southland farmer trying to get ahead of environmental issues Southland farm sales 'bouncing off the bottom'

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