DTNZ: Fonterra farmers approve $4.2b sale of Mainland and Anchor

Fonterra’s farmer shareholders have voted overwhelmingly—more than 88 percent—in favour of selling iconic consumer brands Mainland and Anchor to French dairy giant Lactalis for $4.2 billion.

The decision, hailed by Fonterra chair Peter McBride as a “strong mandate,” marks the co-operative’s shift toward focusing on supplying ingredients and high-value products rather than consumer brands.

ASB Bank estimates the sale could inject $4.5 billion into the economy, giving farmers an average tax-free payout of around $392,000.

While analysts praised the vote as “democracy in action,” NZ First leader Winston Peters slammed it as “economic self-sabotage,” warning that Lactalis could eventually end milk supply contracts. The deal, still subject to regulatory approvals, is expected to be completed in early 2026.

Daily Telegraph New Zealand (DTNZ) is an independent news website, first published in October 2021. - where this article was sourced.