New Zealand’s Fonterra Co-operative Group said it will sell its global consumer and associated businesses to French dairy major Lactalis for NZ$3.845 billion ($2.24 billion), which sent its shares surging to a more than 7-year high on Friday, reported Reuters.
Shares of the dairy company rose 17.1% in early trading to NZ$5.88, their highest level since February 2018.
The sale includes Fonterra’s global consumer business, encompassing the operations of brands such as Mainland and Anchor butter, Kapiti ice cream and cheese and the Anlene powdered milk supplement. The deal includes long term commitments to purchase milk from Fonterra, Fonterra Chief Executive Miles Hurrell said.
