$475m in 'wet' shares sold

Fonterra Co-operative Group has scaled back its offer to farmer shareholders to sell the economic rights of their shares into the Shareholders' Fund.

The NZX-listed Fonterra Shareholders' Fund, which gives outside investors access to the dairy exporter's dividend stream, will buy almost 60 million so-called "wet" shares worth $475 million at $7.92 apiece, with those new units sold to Fonterra and redeemed for shares, the co-operative said. That means the supply offer won't affect the number of units on issue in the fund.

Fonterra received offers of 75.2 million "wet" shares and scaled it back to the maximum amount. BusinessDesk