Fonterra Cooperative Group, the world’s biggest dairy exporter, said it has decided not to sell a stake in its Australian business and indicated this may impact on the size of its planned capital return to shareholders.

“We are still committed to targeting a significant capital return to our shareholders and unitholders,” Auckland-based Fonterra said Thursday when releasing its annual results. “The amount of any capital return will ultimately be determined on a number of factors including the successful completion of the divestment program as well as our ongoing debt and earnings levels.”

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