Chairman Peter McBride says the prevailing price has been undervaluing Fonterra shares, particularly since late April.
Meanwhile, dairy prices have risen 1.5 percent in this morning’s first Global Dairy Trade auction of the new season.
Skim milk is up three percent, while whole milk powder is down 0.3 percent.
Kraft Heinz Co. has voluntarily recalled approximately 83,800 cases of American processed cheese slices.
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