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Angry farmers to face off with NZ's Fonterra over financial woes

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A cow in front of Fonterra Kauri plant

A cow in front of Fonterra Kauri plant

A cow in front of Fonterra Kauri plant

Fonterra, the world’s biggest dairy exporter, will face off this month with farmer shareholders angry about the New Zealand company’s ill-fated foreign expansion and resulting poor returns.

Ructions at Fonterra, where a second year of financial losses is forecast following asset writedowns worth billions of dollars, have reverberated widely in a country where dairy farming is crucial to both the national accounts and politics.

A few of the approximate 10,500 farmers who supply Fonterra with milk and comprise its cooperative structure have transferred production to smaller rivals in recent years, while many others say they have limited options to do that.


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