Australian cooperative Dairy Farmers has confirmed that it has sold its 9.2% stake in diary company National Foods for A$126m (US$93.0m).
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Chief executive Rob Gordon said proceeds from the sale will be used to reduce debt and invest in the company ahead of a potential share listing, reported Dow Jones.
“This allows us to invest in our own business opportunities, further strengthening the group,” Gordon was quoted as saying.
He also said the investment in National Foods was initially made for strategic reasons but was not part of its core operations.
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