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.