1 00:00:00,040 --> 00:00:03,119 Speaker 1: Good afternoon, has expected the Ponterra sale has been voted 2 00:00:03,160 --> 00:00:06,400 Speaker 1: through and overwhelmingly eighty eight and a half So eighty 3 00:00:06,400 --> 00:00:09,239 Speaker 1: eight point five percent of Fonterra's farmer shareholders have said 4 00:00:09,280 --> 00:00:12,080 Speaker 1: yes to selling the company's consumer brands to the French company. 5 00:00:12,320 --> 00:00:15,800 Speaker 1: Miles Hurral is Fonterra's chief executive and with us high Miles. 6 00:00:16,160 --> 00:00:16,720 Speaker 2: Good afternoon. 7 00:00:17,040 --> 00:00:19,560 Speaker 1: So is this more supportable around about what you were expecting? 8 00:00:20,600 --> 00:00:22,680 Speaker 2: Well, we always said we wanted a strong mandate. I 9 00:00:22,720 --> 00:00:25,480 Speaker 2: mean it is a massive decision for the cooperative NF 10 00:00:25,520 --> 00:00:27,360 Speaker 2: farm own and so we wanted a strong mandate. But 11 00:00:28,000 --> 00:00:29,600 Speaker 2: you to see the number comes through. Eighty eight and 12 00:00:29,600 --> 00:00:31,560 Speaker 2: a half percent is a great support. 13 00:00:31,880 --> 00:00:34,720 Speaker 1: Is asb right on how much it's predicting farmers will 14 00:00:34,720 --> 00:00:36,760 Speaker 1: get on average just shy of four hundred thousand. 15 00:00:37,560 --> 00:00:38,960 Speaker 2: Yeah, it depends what's the way you cut it. But 16 00:00:39,240 --> 00:00:40,920 Speaker 2: that's the number that I've seen, which is sort of 17 00:00:41,159 --> 00:00:42,879 Speaker 2: near enough to on an average. Of course, we do 18 00:00:42,960 --> 00:00:45,839 Speaker 2: have a wide spectrum of smaller farmers in large farmers, 19 00:00:45,880 --> 00:00:48,040 Speaker 2: so evene will get their own their own cash and 20 00:00:48,080 --> 00:00:52,280 Speaker 2: time accordingly. But your two dollars tax free per per 21 00:00:52,800 --> 00:00:55,960 Speaker 2: per share is a decent wedge of cash for most farmers. 22 00:00:55,960 --> 00:00:59,000 Speaker 1: Miles, is there any chance at all that Winston Peters 23 00:00:59,080 --> 00:01:00,960 Speaker 1: is proven right in the passage of time that we 24 00:01:01,000 --> 00:01:01,880 Speaker 1: come to regret this. 25 00:01:03,200 --> 00:01:06,080 Speaker 2: Well, Look, we pride ourselves on our business to business relationships. 26 00:01:06,080 --> 00:01:08,400 Speaker 2: And you think about the multinationals that we have partnerships 27 00:01:08,480 --> 00:01:11,000 Speaker 2: or whether it be Abbott or whether it be Nesle 28 00:01:11,240 --> 00:01:15,240 Speaker 2: or Deno, whoever it may be. At an international basis, 29 00:01:15,440 --> 00:01:17,760 Speaker 2: we sell them ingredients, we sell them advanced ingredients, we 30 00:01:17,760 --> 00:01:20,080 Speaker 2: sell them food service product and it's our job to 31 00:01:20,080 --> 00:01:23,440 Speaker 2: make sure that maintains through the long term. And we 32 00:01:23,520 --> 00:01:24,840 Speaker 2: pride ourselves and doing it. And I think we can 33 00:01:24,920 --> 00:01:25,880 Speaker 2: do that well into the future. 34 00:01:26,440 --> 00:01:28,119 Speaker 1: The way that Winston Peters is talking about it makes 35 00:01:28,120 --> 00:01:29,840 Speaker 1: me think this might become an election issue. What do 36 00:01:29,880 --> 00:01:30,240 Speaker 1: you think? 37 00:01:31,760 --> 00:01:34,000 Speaker 2: Oh, look, I think if we had got just over 38 00:01:34,000 --> 00:01:36,160 Speaker 2: the fifty percent that we needed from our farmers to 39 00:01:37,040 --> 00:01:40,480 Speaker 2: get this underway, it maybe he have a view. But 40 00:01:40,800 --> 00:01:42,920 Speaker 2: you know, this business is owned by our farmers. They've 41 00:01:42,959 --> 00:01:45,280 Speaker 2: invested behind that business and they've given us the mandate. 42 00:01:45,400 --> 00:01:47,920 Speaker 2: So at the end of the day, you know, whether 43 00:01:47,960 --> 00:01:49,880 Speaker 2: he takes it into an election is up to him. 44 00:01:49,920 --> 00:01:51,840 Speaker 2: But I think our farmers have made a pretty clear 45 00:01:51,840 --> 00:01:52,600 Speaker 2: decision today. Yeah. 46 00:01:52,640 --> 00:01:54,440 Speaker 1: Now, last time I talked to you about it, which 47 00:01:54,480 --> 00:01:56,480 Speaker 1: was the day that you announced this, you hadn't cracked 48 00:01:56,480 --> 00:01:59,240 Speaker 1: the bubbles yet. It was far too early. Is today 49 00:01:59,240 --> 00:01:59,840 Speaker 1: the day to crack the. 50 00:01:59,800 --> 00:02:03,920 Speaker 2: Bub Maybe not quite half LEAs through a meeting actually, 51 00:02:03,960 --> 00:02:05,480 Speaker 2: So I've got a bit more to do yet. But 52 00:02:06,000 --> 00:02:07,920 Speaker 2: look that there's still a couple of milestones we need 53 00:02:07,960 --> 00:02:10,960 Speaker 2: to get through. Firstly, there is some international regulatory approvals 54 00:02:11,000 --> 00:02:13,640 Speaker 2: that in certain markets that they're well underway. And then 55 00:02:13,639 --> 00:02:16,120 Speaker 2: there's quite a significant separation piece, you know, you think 56 00:02:16,120 --> 00:02:18,720 Speaker 2: about physically separating officers and IT systems and all that 57 00:02:18,760 --> 00:02:20,760 Speaker 2: sort of thing. So we're probably going to be into 58 00:02:20,760 --> 00:02:23,080 Speaker 2: the new year before we see that come to pass. 59 00:02:23,160 --> 00:02:25,000 Speaker 1: So the bubbles are in the new year, are they? 60 00:02:26,200 --> 00:02:28,119 Speaker 2: Well, I might have something over the new year break even, 61 00:02:28,200 --> 00:02:31,840 Speaker 2: but yeah, that's that's certainly the plan. But you know 62 00:02:31,960 --> 00:02:34,320 Speaker 2: it is it is a significant milestone in this process. 63 00:02:34,400 --> 00:02:36,480 Speaker 2: You know, we've been on this program for about eighteen 64 00:02:36,480 --> 00:02:38,760 Speaker 2: months and so you know, it's a significant milestone. So 65 00:02:38,800 --> 00:02:40,639 Speaker 2: maybe we can find it find some time over the weekend. 66 00:02:41,200 --> 00:02:43,079 Speaker 1: I think you should, Miles, you look after yourself and 67 00:02:43,160 --> 00:02:47,040 Speaker 1: enjoy it Myles Harrell, chief executive Fonterra. For more from 68 00:02:47,080 --> 00:02:50,399 Speaker 1: Heather Duplessy Allen Drive, Listen live to news talks. It'd 69 00:02:50,400 --> 00:02:53,560 Speaker 1: be from four pm weekdays, or follow the podcast on 70 00:02:53,680 --> 00:02:54,480 Speaker 1: iHeartRadio