Fonterra scotches speculation of US$450m Indian acquisition – Paul McBeth:
Fonterra Cooperative Group, the world’s biggest dairy exporter, has dismissed speculation the company is among potential bidders for India’s Tirumala Milk Products.
The New Zealand cooperative scotched a Times of India report naming it with French food conglomerate Danone as vying for a controlling stake in Hyderabad-based Tirumala, with a spokesman for the dairy exporter calling it “rubbish”. The US$450 million enterprise value figure reported would be material for Fonterra and would need to be disclosed, he said. . .
Last week, the Land and Water Forum released its third and final report on water management in New Zealand. It is a substantial piece of collaborative work with 67 recommendations. Number 29 is that allocation limits be set by taking into account “any flow and water level fluctuations caused by seasonal or other climate variations”. While this primarily refers to natural variability, such as the Interdecadal Pacific Oscillation, it’s also important to consider climate change. And along the same lines, last year’s National Policy Statement for Freshwater Management stated the need to account for the “foreseeable impacts” of climate change.
This is an important issue, as climate change is expected to bring about a raft of changes to New Zealand’s freshwaters (more details on that soon). Among these changes are reductions or increases in the amount of water available for use. Also importantly, climate change makes assessments of future water resources less certain. . .
Investors should steer of the Fonterra Shareholders’ Fund, which seeks to raise up to $525 million to reduce the dairy cooperative’s redemption risk, until the units start trading, according to Morningstar Research.
However, the units have too many pricing uncertainties in the bookbuild phase.
The research firm gives a ‘do not subscribe’ recommendation for the fund’s initial public offering, saying Fonterra Cooperative Group lacks pricing power over its dairy commodities, generates low returns compared to its multinational peers, and investors won’t know the price they are paying until after the bookbuild process is completed on Nov. 27. . .
A2 in talks with NZX about shifting to main board – Paul McBeth:
A2 Corp, which markets milk products with a protein variant claimed to have health benefits, is in talks with the New Zealand Stock Exchange about shifting its listing on the main board.
The company, currently listed on the alternative market, qualifies for listing on the NZX main board, and managing director Geoffrey Babidge says that is a more recognised market and can provide better transparency and investor protection, according to a presentation at today’s annual meeting.
“A move to the NZX main board may provide greater liquidity and increase access to capital,” Babidge said. “To this end, the company has commenced discussions with NZX regarding a move to the NZX main board.” . . .
Three years of research by a Bay of Plenty company has found that kiwifruit orchards store a significant quantity of organic carbon in the soil.
PlusGroup Research received funding from the former Ministry of Agriculture’s sustainability farming fund to do the research, which investigated soil samples from more than 120 kiwifruit orchards across different growing regions. . .
Nominations are being called for two farmer-elected positions on the Board of Beef + Lamb New Zealand.
The positions are for the Western North Island and Central South Island electorates.
Nominations must be submitted on the official form obtained from the Returning Officer, Warwick Lampp, free phone 0508 666 003. The nominations need to be received by 5 pm on 20 December 2012. . .
The latest camouflaged ‘poacher cams’ are proving their worth in the Rotorua lakes district – giving trout poachers even more reason to look over their shoulder.
That’s according to Eastern Region Fish & Game, which has released information on the number of offenders caught over the last three months.
Fish & Game Officer Anthony van Dorp says that over the past three months (ending November) they’ve dealt with 30 people for a variety of offences ranging from fishing without a licence and fishing closed waters – to serious poaching offences. . .
The historical and picturesque township of Cardrona in the breathtaking Cardrona Valley turns 150 years Gold this year. To celebrate, the iconic Cardrona Hotel and the greater community are opening their doors, hearts and rabbit cookbook’s for a birthday bash guaranteed to delight all ages.
Saturday 8th December – 150 Years of Gold celebration
From the excitement of highly trained heading dogs competing in the Dog Trials to trying your hand at gold panning, the 150 Years of Gold celebrations are local-jam-packed with fun and fascinating events for everyone. . .