Fonterra to sell a portion of stake in Beingmate

Company News

by Rachael Jones

Fonterra (ASX:FSF) is set to sell a portion of its stake in Beingmate Baby & Child Food Company, which is currently a shareholding of 18.8 per cent.

Chief Executive Miles Hurrell says this decision is part of Fonterra’s three-point plan to turn around the business.

He says the relationship with Beingmate has been disappointing.

“China will always be one of our most important markets. We’ve got a strong business there and are still very much focused on the areas in China where we can succeed.

Shares in Fonterra (ASX:FSF) closed flat at $3.58 yesterday.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.