Fonterra Co-Operative Group
(ASX:FSF) has announced its intention to sell its Australian yoghurt and dairy desserts business to Parmalat Australia.
Both parties have entered into exclusive negotiations which have now culminated in the signing of a sale agreement.
The agreement is conditional on regulatory and other approvals and is expected to be completed in the first half of the 2016 calendar year.
Fonterra says the sale of the business is part of the company’s plan to return the business to strong and sustainable productivity.
Fonterra reported a net profit of $16.25 million at 31 July 2015.
