Westland Milk ponders 25 expressions of interest

Hokitika-based Westland Milk Products has written to its farmer shareholders, dismissing speculation over the identity of a potential buyer. Board chairman Pete Morrison said ‘‘more than 25 parties’’ had expressed interest in the co-operative’s capital structure review and the board was assessing a due diligence and final proposal process. Westland Milk, a tiny co-operative by Fonterra standards with just 3 per cent of the country’s milk, has struggled to make a profit for the last few years. The Australian has singled out Canadian dairy company Saputo as a likely investor. A Westland shareholder who did want to be named welcomed the prospect of an outside investor. ‘‘I certainly do. I’m at an age where I want to get out. I don’t care who buys it as long as they run the company properly.’’