Passage Of Legislation

Friday, 21 September 2001, 10:14 am
Press Release: Fonterra Co-operative Group Ltd

Thursday 20 September 2001 For Immediate Release

Fonterra Co-operative Group Ltd has welcomed today’s passage of the Dairy Industry Restructuring Bill.

“We thank all MPs who supported the Bill to allow for the creation of Fonterra and all that we want to achieve for our shareholders and New Zealand,” Chairman John Roadley said.

The next steps in the process towards the formation of the company are the Royal Assent by the Governor-General and formal resolutions by the boards of Kiwi Co-operative Dairies, New Zealand Dairy Group and Fonterra Co-operative Group Ltd.

“The onus will then be on Fonterra to deliver on the promises we have made, starting with the more than $300 million in annual gains by the third full year after the merger,” Mr Roadley said.

END

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