Dec 5 (Reuters) - Dairy giant Fonterra said on Wednesday it had reached a provisional agreement with Chinese infant formula group Beingmate Baby & Child Food Co Ltd on the key terms to unwind the Darnum joint venture in Victoria, Australia.
“At our 2018 annual results presentation, we signalled that we are undertaking a strategic review of our investments to ensure they’re fit for purpose ... We are looking at all aspects of our investment in Beingmate as part of that broader strategic review. This includes our Darnum joint venture,” Fonterra said in a statement.
The company statement said details about the unwinding will be revealed at its quarterly update later this week. (Reporting by Aby Jose Koilparambil in Bengaluru)