8. SHANE ARDERN (National—Taranaki - King Country) Link to this
to the Minister of Agriculture
How is the Government working with Fonterra to progress its capital restructuring plans?
Hon DAVID CARTER (Minister of Agriculture) Link to this
Fonterra’s achieving a successful capital restructuring is vital to the New Zealand economy. That is why officials, led by the Ministry of Agriculture and Forestry, are working closely and cooperatively with Fonterra as it develops its capital restructuring plan in detail. This is to ensure that the Government’s public policy requirements are addressed and that officials are in a position to design and implement an appropriate regulatory regime.
Fonterra aims to launch its new capital structure by November 2011. The Government is working hard to ensure that a new regulatory regime can be developed and implemented in time for this. However, it is important to note that a November 2011 time frame is very ambitious. Any slippage in the joint process will mean that that timetable will be hard to meet.
Hon Damien O’Connor Link to this
Will the capital restructuring allow foreign investment in Fonterra, and will the National-ACT Government intervene to stop the sale of the dairy industry to foreign buyers?
Although trading amongst farmers is finally being developed by Fonterra, it is difficult to answer that question in detail, but I do not expect it to allow foreign investment in Fonterra in any way, at all.