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ASB BUYS NOTES  |
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| (Updated 19/06/13 12:07) | ||
| GLOBAL DAIRY TRADE | |
| Change in GDT-TWI index +1.1% | Average Winning Price (USD/MT, FAS) 4,598 |
| From Trading Event 94 held 18/6 | |
By: Jacqui Stanford | Rural News | Saturday June 16 2012 7:21
Federated Farmers is delighted Fonterra wants to buy a Russian-owned dairy company, which is in receivership.
Fonterra is seeking Commerce Commission approval to buy milk processing assets owned by New Zealand Dairies.
If it can, farmers who'd supplied the failed South Canterbury firm will be paid in full.
They'll also be able to get their milk processed and paid for at the start of the new dairy season.
Jacqui Stanford has more.
"The news is an unexpectedly good bolt out of the blue as if a hard-nosed corporate had waded in, farmer suppliers would have been treated as just another input. Some financial pain for creditors seems sadly unavoidable but the deal would give impacted farmers some clarity."
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