Fonterra (ASX:FSF) completes sale of DFE Pharma

Company News

by Rachael Jones

Fonterra (ASX:FSF) has completed the sale of its 50 per cent share of DFE Pharma to CVC Strategic Opportunities II.

Fonterra CFO, Marc Rivers, says the completion of this sale is a key milestone in strengthening the Coop’s balance sheet, with cash proceeds of $554 million, comprising of the original sale proceeds of $537 million plus $17 million in settlement adjustments.

Over the course of the 2020 financial year Fonterra expects there to be other one-off transactions as it implements strategy and continues its asset portfolio review.

Fonterra is a New Zealand multinational dairy co-operative owned by around 10,500 New Zealand farmers.

Shares in Fonterra (ASX:FSF) closed 0.8 per cent lower at $3.85 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.