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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Banks: Westpac Keeps Core Government Transactions Contract

The local arm of Westpac Banking Corp has kept its contract with the New Zealand government to provide core transactions, but will have to share peripheral services with its rivals. More>>


Science Investment Plan: Universities Welcome Statement

Universities New Zealand has welcomed the National Statement of Science Investment released by the Government today... this is a critical document as it sets out the Government’s ten-year strategic direction that will guide future investment in New Zealand’s science system. More>>


Scouring: Cavalier Merger Would Extract 'Monopoly Rents' - Godfrey Hirst

A merger of Cavalier Wool Holdings and New Zealand Wool Services International's two wool scouring operations would create a monopoly, says carpet maker Godfrey Hirst. The Commerce Commission on Friday released its second draft determination on the merger, maintaining its view that the public benefits would outweigh the loss of competition. More>>


Scoop Review Of Books: She Means Business

As Foreman says in her conclusion, this is a business book. It opens with a brief biographical section followed by a collection of interesting tips for entrepreneurs... More>>


Hourly Wage Gap Grows: Gender Pay Gap Still Fixed At Fourteen Percent

“The totally unchanged pay gap is a slap in the face for women, families and the economy,” says Coalition spokesperson, Angela McLeod. Even worse, Māori and Pacific women face an outrageous pay gap of 28% and 33% when compared with the pay packets of Pākehā men. More>>


Housing: English On Housing Affordability And The Economy

"Long lead times in the planning process tend to drive prices higher in the upswing of the housing cycle. And those lead times increase the risk that eight years later, when additional supply arrives, the demand shock that spurred the additional supply has reversed. The resulting excess supply could produce a price crash..." More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news