Global Dairy Trade ownership changes completed
The Global Dairy Trade marketing platform now has three equal owners instead of one.
The trading platform was created and owned by New Zealand-based Fonterra Cooperative Group but was kept separate from the milk production cooperative business. In February, GDT announced plans to split the ownership equally with the New Zealand Exchange and the European Energy Exchange. The new ownership begins Thursday, June 30th now that all three boards of directors and government regulators have approved of the plan.
Chief Financial Officer Marc Rivers says this is an important milestone for Fonterra and global dairy participants while giving it a presence in more dairy-producing regions and promoting greater participation at GDT events.
The sale of two-thirds of the ownership of Global Dairy Trade brought Fonterra 35 million New Zealand dollars or the equivalent of 21.7 million U.S. dollars.