Australians dairy cooperative Bonlac Foods is going ahead with plans to sell a further stake in the company to New Zealand dairy giant Fonterra, despite a late approach from agribusiness Elders Australia.
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Bonlac chief executive Peter Myers has said that Elders has asked for more information from Bonlac before putting forward a proposal.
Myers said Bonlac is to put the Fonterra deal to shareholders at the end of July or early August. Fonterra has made a proposal to increase its stake in Bonlac to 50% from 25%.
Despite reports that Elders is seeking a 25-50% stake in Bonlac, Myers told the Australian Associated Press that no proposals were made during a presentation by Elders this week.
“At the end of the meeting they asked could they have access to information (about Bonlac) to enable them to explore an opportunity in going forward with Bonlac,” Myers was quoted by AAP as saying.
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By GlobalData“We’re still working with Fonterra to finalise all the agreements so that we can send an explanatory document out to our shareholders.
“Elders are well aware of our timetable on that and they are working in with that time frame.”
