Windfall Awaits New Zealand Farmers as Fonterra Eyes Asset Sales [BNN Bloomberg (Canada)]
NESTLE S.A S/ADR (NSRGY)
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Source: BNN Bloomberg
Auckland-based Fonterra, the world's largest dairy exporter, is considering turning away from branded consumer products to concentrate on making more high-value ingredients derived from New Zealand milk that it sells to other companies like Nestle, Mars and Coca Cola. The operations it's looking to divest are currently valued at NZ$3.4 billion ($2.1 billion), and analysts said the lion's share could be returned to Fonterra's roughly 8,300 shareholding farms. “If they divested the full gambit of these consumer businesses, that would pave the way for a very significant capital return,” said Arie Dekker, head of research at Jarden Securities in Auckland. He estimates the return could be as much as NZ$2 per share, and said the average New Zealand dairy farmer probably has between 170,000 and 180,000 shares. There are about 1.6 billion shares on issue. Fonterra is continuing to retreat from an ill-fated global expansion implemented last decade by former Chief Executive Officer Theo
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