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.

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