Scoop has an Ethical Paywall
Fonterra Provides Update On Divestment Of Soprole
Fonterra has today provided an update on the sale of its Chilean Soprole business to Gloria Foods - JORB S.A. (Gloria Foods).
As announced in November 2022, the sale is subject to a number of conditions, including the receipt of approval from the competition authority in Chile.
CEO Miles Hurrell says he’s pleased to confirm approval from the competition authority, Fiscalía Nacional Económica (FNE), has now been received.
“Completion of the sale remains subject to satisfaction of other conditions previously announced, including commencement of an irrevocable public tender offer process in Chile for the outstanding shares in Soprole not already owned by Fonterra.
“Receipt of FNE approval is a significant milestone for the transaction and we remain on track in the sale process. We will update the market on expected timing for completion of the sale as the remaining conditions are progressed,” says Mr Hurrell.
Fonterra remains committed to targeting a significant capital return to our shareholders and unitholders.
The Fonterra Board intends to make a final decision on the amount and timing of any capital return once the sale agreement is unconditional, cash proceeds are received in New Zealand and having regard to other relevant factors including Fonterra’s debt and earnings outlook at such time.
Bill Bennett: Fixed Voice Rules Head For Deregulation
UN Department of Global Communications: United Nations Proposes New Global Dashboard To Measure Progress Beyond GDP
Banking Ombudsman Scheme: Fraud Check Delays Well Worth The Inconvenience, Says Banking Ombudsman
Asia Pacific AML: NZ’s Financial Crime Gap - Beyond The 'Number 8 Wire' Mentality
Westpac New Zealand: Kiwi Households Adapting Despite Widespread Cost Pressure Concerns, Westpac Survey Shows
University of Auckland: Kids’ Screen Use Linked To Long-Term Deficits In Self-Control And Attention
