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Implications of Fonterra/Dexcel Merger Considered

Media Release
13 May 2005

Dairy InSight to Consider the Implications of Fonterra/Dexcel Merger

Following the unexpected announcement today of a management agreement between Fonterra and Dexcel, Dairy InSight will evaluate the impact of this arrangement on the delivery of outcomes for farmers.

“We were not involved in the negotiations nor consulted on this matter and will now take the opportunity to consider the pros and cons,” says Dairy InSight Chairman, Ian Robb.

“I want to make it clear that this new arrangement will not in any way affect Dairy InSight’s relationship with its other suppliers,” says Robb.

With respect to both Dexcel and Fonterra, Dairy InSight has had a close working relationship. Dairy InSight, through the farmer levy, has invested heavily in the programmes operated by Dexcel and had just agreed with them to increase its investment from previous years.

Dairy InSight will continue to be an active and strategic investor on behalf of its farmer members and will fulfill its current obligations and work to benefit our levy payers.

Dairy InSight remains committed to achieving the goals in the industry-agreed Strategic Framework for the advancement of dairying in New Zealand and will continue to work actively with all providers to achieve those goals as mandated by its members.

“This development has implications for the structure of the dairy industry. Once Fonterra’s intentions are better understood, Dairy InSight will review its investment priorities and evaluate the levy rate. At this stage, however, it’s too early to speculate on these matters,” says Robb.

ENDS

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