New Zealand: Bacteria scare wipes $783.6 million off Fonterra's value

The detection of potential botulism-causing bacteria in some of Fonterra Co-operative Group Ltd.'s products wiped nearly $1 billion New Zealand ($783.6 million) off the company's value on the stock market, Radio New Zealand reported.

The New Zealand-based cooperative is recalling 900 tons of products worldwide.

While China has halted the imports of all Fonterra products that include whey or milk powder, Russia has banned all dairy products from New Zealand.

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