Chinese food company lifts stake in Murray Goulburn to 6.1pc

Chinese state-owned food enterprise China Resources Ng Fung has lifted its stake in embattled dairy group Murray Goulburn for the second time in a month, boosting its interest to 6 per cent over the past fortnight.
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Earlier this month the Chinese company revealed it had taken a 5.1 per cent stake in the co-op’s listed entity, after emerging as a foundation shareholder in the float of the dairy group’s listed trust last year alongside Peter Cooper’s Cooper Investors and Chinese billionaire Richard Liu’s e-commerce company, JD.com.
Yesterday, China Resources NG Fung revealed that steady buying between June 6 and 16 had lifted its stake to 6.1 per cent.
The company is the largest food distributor in Hong Kong. It has interests in food distribution; food production, processing and trading; food retail and supermarket; marine fishing; and abattoir operations.
In China, Murray Goulburn rival Lion Group’s Dairy Farmers UHT products are sold through the China Resources Ng Fung group.
Murray Goulburn units fell to as low as 86c last month following the departure of former CEO Gary Helou after the slashing of the company’s full-year net profit guidance and a sharp reduction in farmgate milk prices.
The shares have since recovered and China Resources Ng Fung upped its interest at prices between $1 and $1.18. The shares closed at $1.20 yesterday.
Fonterra Australia yesterday announced the appointment of Rene Dedoncker as managing director Fonterra Australia.
The appointment followed the recent promotion of Judith Swales, previously managing ­director Fonterra Oceania, to chief operating officer velocity and innovation. The Australian business continues to report through to Ms Swales.
 
Source: TheAustralian
 

Mirá También

Así lo expresó Domingo Possetto, secretario de la seccional Rafaela, quien además, afirmó que a los productores «habitualmente los ignoran los gobiernos». Además, reconoció la labor de los empresarios de las firmas locales y aseguró que están «esperanzados» con la negociación entre SanCor y Adecoagro.

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