Fonterra shareholders have backed the company’s plans for capital restructuring.
Fonterra Chairman, Sir Henry van der Heyden, said the high vote expressed “great confidence in the Co-operative and our future.”
“It is also a great comment on our farmer shareholders,” he said. “They told us they wanted to retain 100% control and ownership of our Co-operative. They said give us the opportunity to back our Co-operative. Today they have stepped up to the plate in a big way to strengthen our Co-op.”
The vote means shareholders will be able to buy more shares than the amount of milk they supply entitles them to. It will also enable suppliers to sell shares to each other.