Photo: Westland Milk ProductsA group of former Westland Milk shareholders have failed in their bid to have the Overseas Investment Office delay the sale of the co-op to Chinese dairy giant Yili. The OIO, in approving Yili’s application, said the issue raised by the group was for them to resolve with Westland’s new owners. Six former milk suppliers to Westland - who exited the co-op last year because of its uneconomic payout - said they are owed between $7 million and $8 million by Westland in share redemption cash. Yili has also undertaken to match Fonterra’s milk price for 10 years and to pick up all milk for a decade after the sale. Yili Group chief executive, Jianqiu Zhang, said Yili’s goal was to be become “the most trusted health food provider in the world''.

Source: Otago Daily Times July 16, 2019 04:41 UTC