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

 


Royal FrieslandCampina lifts stake in Synlait Milk to 9.999%

Royal FrieslandCampina lifts stake in Synlait Milk to 9.999 percent buying shares at $3.85 apiece

March 20 (BusinessDesk) - Royal FrieslandCampina has lifted its stake in Synlait Milk to 9.999 percent from 7.5 percent, adding to an investment that has gained 41 percent since its NZX debut last July.

The Netherlands-based cooperative bought about 3.66 million shares at $3.85 each yesterday, according to a statement to the NZX. The shares last traded at $3.87, having sold in Synlait’s initial public offering last year at $2.20 apiece.

The purchase puts the Dutch company, where the current Fonterra chief executive Theo Spierings was a senior executive until 2009, ahead of Japan’s Mitsui & Co, with an 8.4 percent holding, as the second-biggest shareholder in the Canterbury-based dairy processor. China’s Bright Dairy Food owns 39 percent, having been diluted during last year’s IPO.

“Our working relationship with FrieslandCampina continues to develop,” chairman Graeme Milne said in a statement. “They have become both 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."

In January, Synlait lifted its forecast milk price for the 2014 season to a range of $8.30 to $8.40 per kilogram of milk solids from $8. It also said net profit would be between $30 million and $35 million in the year ending July 31, up from the $19.67 million forecast in the company’s prospectus.

Chairman Milne said at the time that the company is benefiting from growth from its value-add products and a favourable product mix. Dairy products have helped drive New Zealand’s terms of trade to a 40-year high and made China the nation’s biggest export market.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: NZ Dollar Catches Breath After "Goldilocks" Slump

The New Zealand dollar edged up following its dramatic slump yesterday after the Reserve Bank confirmed speculation it intervened in the currency market last month and PM John Key suggested a “Goldilocks” level far lower than at present. More>>

ALSO:

Biosecurity: Kiwifruit Claim To Hold Officials Accountable For Psa

Kiwifruit growers have joined forces to hold Biosecurity NZ accountable in the courts for its negligence in allowing 2010’s Psa outbreak that devastated New Zealand’s kiwifruit industry and exports. Foundation claimants representing well ... More>>

ALSO:

Poison: Anglers Advised Not To Eat Trout In 1080 Areas

With the fishing season opening in just a few days (1 October 2014), anglers are being warned by the Department of Conservation(DOC) not to eat trout from pristine backcountry waters and their downstream catchments, where the department is conducting 1080 poisoning operations. More>>.

ALSO:

Quotas: MPI Swoop On Suspected Fraudulent Fishing Activity

Ministry for Primary Industries (MPI) compliance officers swooped on a Hawkes Bay fishing enterprise today to secure evidence in an investigation into suspected fraudulent activity... “The investigation involves activity throughout the commercial supply chain – catching, landing, processing and exporting.” More>>

ALSO:

Scoop Business: Fonterra Slashes 2015 Milk Payout, Earnings Tumble 76%

Fonterra Cooperative Group cut its forecast 2015 milk price payout by about 12 percent, citing weaker global dairy prices and said there is a risk of further declines given strong global milk production. More>>

ALSO:

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news