Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


CBA shows hand as first foreign holder of Fonterra units

Commonwealth Bank shows hand as first foreign holder of Fonterra units

Dec. 7 (BusinessDesk) – Commonwealth Bank of Australia is the first overseas investors to disclose a substantial holding in units of the Fonterra Shareholders’ Fund that debuted a week ago.

Funds associated with Australia’s biggest lender hold 7.4 percent of the units, according to a substantial security notice yesterday. The funds bought 6.6 million units at a grand total of some A$31 million on Nov. 30, or NZ$39 million at that day's exchange rate.

Those units are now worth about NZ$47 million at yesterday’s closing price for the units of $6.69 on the NZX. The units have climbed about 22 percent from the initial public offering price of $5.50.

Other foreign investors may have to disclose their holdings above 5 percent. At least 42 percent of the units were sold overseas in the IPO.

Since trading began last Friday some 13 million of the units have changed hands, according to NZX data. Trading among farmers in the closed market of the NZX has been subdued by comparison, with just 40,728 changing hands.

More than 2,500 members of what Fonterra called the ‘Fonterra Family’ and about 7,000 retail and institutional investors took up the units in the IPO.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half Full: Dairy Payouts Steady, Cash Will Be Tight

Industry body DairyNZ is advising farmers to focus on strong cashflow management as they look ahead to the 2015-16 season following Fonterra's half-year results announcement today. More>>

ALSO:

First Union: Cotton On Plans To Use “Tea Break” Law

“The Prime Minister reassured New Zealanders that ‘post the passing of this law, will you all of a sudden find thousands of workers who are denied having a tea break? The answer is absolutely not’... Cotton On is proposing to remove tea and meal breaks for workers in its safety sensitive distribution centre. How long before other major chains try and follow suit?” More>>

ALSO:

Scoop Business: NZ-Korea FTA Signed Amid Spying, Lost Sovereignty Claims

A long-awaited free trade agreement between New Zealand and South Korea has been signed in Seoul by Prime Minister John Key and the Korean president, Park Geun-hye. More>>

ALSO:

PM Visit: NZ And Viet Nam Agree Ambitious Trade Target

New Zealand and Viet Nam have agreed an ambitious target of doubling two-way goods and service trade to around $2.2 billion by 2020, Prime Minister John Key has announced. More>>

ALSO:

Scoop Business: NZ Economy Grows 0.8% In Fourth Quarter

The New Zealand economy expanded in the fourth quarter as tourists drove growth in retailing and accommodation, and property sales increased demand for real estate services. More>>

ALSO:

Scoop Business: RBNZ’s Wheeler Keeps OCR On Hold, No Rate Hikes Ahead

The Reserve Bank has removed the prospect of future interest rate hikes from its forecast horizon as a strong kiwi dollar and cheap oil hold down inflation, and the central bank ponders whether to lower its assessment of where “neutral” interest rates should be. The kiwi dollar gained. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news