@article{Nilsson:244026,
      recid = {244026},
      author = {Nilsson, Jerker and Rydberg, Charlotta},
      title = {Factors behind the Fonterra Shareholders' Rejection of the  Board's Capital Restructuring Plan of 2007},
      journal = {Journal of Cooperatives},
      address = {2015},
      number = {1142-2016-92797},
      pages = {27},
      year = {2015},
      abstract = {The New Zealand dairy cooperative Fonterra is one of the  largest in the world.
In 2007, its Board presented a  capital restructuring proposal with the aim of
reducing the  equity redemption risk, solving members’ portfolio  problems, and
acquiring capital for the cooperative. The  proposal indicated that external owners
would be allowed,  but that members would own most of the stock.  The
shareholders rejected the proposal. This analysis of  why the proposal failed shows
that two specific  characteristics of Fonterra were primarily responsible:  The
shareholders considered the Fair Value Share to be  instrumental in securing full
member control and the  Shareholders’ Council effectively channeled  members’
opinions.},
      url = {http://ageconsearch.umn.edu/record/244026},
      doi = {https://doi.org/10.22004/ag.econ.244026},
}