U-Turn From Top Dairy Exporter Sends A2 Milk Shares Soaring

Empty plastic bottles are stacked at the a2 Milk Co. plant in Sydney, Australia, on Friday, Feb. 26, 2016. Founded in 2000 by New Zealand scientist Corran McLachlan and multimillionaire farm owner Howard Paterson, a2 Milk's market value has more than tripled to NZ$1.2 billion over the past year.Photographer: Brendon Thorne/Bloomberg

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By Jackie Edwards

February 21, 2018 at 1:25 AM UTC

This article is for subscribers only.

Fonterra Cooperative Group Ltd.’s strategic partnership with a2 Milk Co. Ltd. sent shares of its former rival surging and marked a change in attitude toward the company it once dismissed.

Auckland-based Fonterra, the world’s largest dairy exporter, entered the wide-raging pact despite its Chief Executive Officer Theo Spierings having previously labeled its competitor just a “marketing concept.”