NZ's Fonterra launches sale of $430 million dairy fund

New Zealand's Fonterra, the world's largest dairy processor, launched the sale of a NZ$525 million ($430 million) fund offering investors exposure to the country's dairy industry, part of a scheme to free up cash as its expands into Asia.

Fonterra, which aims to compete with food giants Nestle (NESN.VX) and Danone (DANO.PA), expects Asian demand for dairy products to far outstrip supply by 2020 and is setting up farms and dairies in China and building factories in Indonesia.