NZ's Synlait Milk rises on dispute settlement with a2 Milk

Synlait Milk

16/08/2024 02:37

(Updates with a2 Milk's share moves)
    ** Shares of Synlait Milk  SML.NZ  rise as much as 25% to
NZ$0.375, their highest since July 12
    ** Stock posts its biggest intraday gain since July 11
    ** New Zealand-based nutrition firm says it has resolved
disputes with its second-largest shareholder a2 Milk  ATM.NZ  
    ** Dispute regarding exclusive manufacturing rights for some
of a2 Milk's infant milk formula products
    ** Synlait says it will retain the Chinese registration for
Synlait's Dunsandel manufacturing facilities
    ** Adds a2 Milk will make a one-off payment of NZ$24.75 mln
($14.81 mln) to co
    ** a2 Milk's shares in New Zealand rise as much as 6.1% to
NZ$7.87 in their biggest jump since Feb. 19
    ** ASX-listed shares of a2 Milk  A2M.AX  rise 6% to A$7.12,
post biggest intraday pct gain since Feb. 19 
    ** More than 1 mln SML shares change hands, compared with
the 30-day average volume of 387,313
    ** Stock of Synlait Milk had fallen 68.4% this year as of
last close

($1 = 1.6711 New Zealand dollars)

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))