September 24, 2019 / 8:50 PM / 22 days ago

New Zealand's Fonterra to sell 50% stake in DFE Pharma for $400 mln

Sept 25 (Reuters) - New Zealand’s Fonterra, on Wednesday agreed to sell its 50% stake in DFE Pharma for NZ$633 million ($400.37 million).

The cash from the sale, along with proceeds from other asset sales through the year including its Tip Top icecream brand, will help the world’s biggest dairy exporter to reduce debt by over NZ$1 billion, the company said in a statement.

Fonterra will report its delayed annual results on Thursday after taking extra time to finalise sizable write-downs of overseas assets and is set to report its worst ever annual loss of as much as NZ$675 million.

$1 = 1.5810 New Zealand dollars Reporting by Aby Jose Koilparambil in Bengaluru Editing by Chris Reese

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