Mainland Group of assets, with 88.47% of votes supporting the divestment.

Chair Peter McBride said the Fonterra Board and management were pleased with the level of engagement from farmer shareholders with 80.59% participation based on milk solids voted.

Completion of the divestment remains subject to securing regulatory approvals and the separation of Mainland Group business from Fonterra, both of which are well underway. Subject to these steps being completed, Fonterra expects the transaction to complete in the first half of the 2026 calendar year.