NZ-based dairy major Fonterra to sell 50% in DFE Pharma for $400m

Photo: Unsplash

New Zealand’s Fonterra on Wednesday agreed to sell its 50% stake in DFE Pharma for NZ$633 million ($400.37 million) as the world’s biggest dairy exporter trims its overseas portfolio to focus on domestic business.

The cash from the sale, along with proceeds from other asset sales through the year including its Tip Top ice cream brand, will help the dairy firm to reduce debt by over NZ$1 billion at a time when it has written down several of its overseas assets.

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