Dutch giant increases Synlait Milk stake

Last updated 14:03 20/03/2014

Related Links

Synlait lifts milk price forecast A Broker's View: Synlait Synlait plans new lab Synlait Farms purchase approved

Relevant offers

Dairy

Thousands of litres of milk lost as tanker rolls Bovine viral diarrhoea could cost Southland $2.6m Receiver puts Marlborough dairy farms on market Domestic manufacturing sales increase but downturn in dairy prices could begin to bite ANZ forecasts more pain for dairy farmers Fonterra to pay organic milk farmers at market rates Dairy payout hits farm and regional businesses Search on for top dairy farmers as judges weigh up operations Dairy farmers under no illusions of year ahead In dairy for a long time not a good time - extreme financial juggling

Giant Dutch dairy company Royal FrieslandCampina has upped its stake in Canterbury milk processor Synlait Milk to a strategic level.

Synlait's shares rose 3 cents to $3.90 today on the back of the news.

Synlait said it welcomed FrieslandCampina increasing its stake from 7.5 per cent to just under 10 per cent.

The Dutch company is a customer of Synlait Milk and Synlait chairman Graeme Milne said their working relationship continued to develop.

"They have become a valued customer and key strategic partner, alongside our other first-tier multinational customers and we view this announcement as a positive endorsement of the growth and performance of Synlait Milk," he said.

FrieslandCampina sold products in more than 100 countries and had annual revenue of about €10.3 billion (NZ$16.7b).

It bought into Synlait when the processor listed on the NZX and issued shares to the public in July last year.

FrieslandCampina and others taking part in the initial public offering of shares bought them for $2.20 each.

Ad Feedback

- Stuff

Special offers

Featured Promotions

Sponsored Content