12 Feb 2015

Business Briefs

1:33 pm on 12 February 2015

Fonterra submits partial tender for Beingmate

Fonterra has submitted a partial tender offer to purchase up to 20 percent of the Chinese infant formula-maker Beingmate.

The dairy co-operative said the offer will be open for 30 days until 13 March.

It said it expects the result of the offer will be announced a few days later on 18 March.

Last year Fonterra and the Chinese firm announced intentions to form a global partnership to help meet growing demand from China for infant formula.

Pizza appetite fuels expansion

New Zealanders' appetite for pizza is helping Domino's Pizza's expansion plans in New Zealand.

The company has opened seven new stores in the first half of the financial year ended in December.

It plans to open another 23 franchised stores over the next two and a half years.

The fast-food firm's general manager Scott Bush said New Zealand sales have made a strong contribution to the international group's first half underlying operating profit and revenue, but the breakdown for New Zealand wasn't available.

Apple sets another record

The phone company Apple is the first company to reach a market value of $US700 billion.

Shares in the company have risen almost two percent to over $US122 dollars each, lifting its market value to $US710 billion.

Analysts said the shares remain valued at reasonable levels, due to an $US18 billion quarterly profit.