Wellington, Nov. 13 - New Zealand First, a key partner in the country's ruling coalition Labour Party, has said it will "vigorously oppose" any move to list Fonterra Cooperative Group on the stock exchange, the New Zealand Press Association reported.
New Zealand First lawmaker Doug Woolerton said listing Fonterra would open the door to foreign ownership and would be "the worst possible option for dairy farmers" and provincial communities, the report said.
The dairy giant's board will announce its favored option for a capital restructure to its farmer shareholders Thursday. Details have been kept under wraps, but there is speculation it could involve listing part of the company on the stock exchange in a bid to raise cash to boost operations in other countries.