Fonterra’s sale of Mainland Group is expected to settle in the first three months of 2026, according to a notice of meeting released last week. The note announced a special meeting on 19 February in which a second vote to approve the divestment is held. At the first vote in October, 88% of shareholders voted in support of the NZ$4.2bn  sale of the Mainland Group to Lactalis. 

The Australian Foreign Investment Review Board has approved Lactalis’ acquisition. According to Fonterra, a February vote means capital returns to shareholders and unit holders soon after the transaction is complete. The capital return requires at least a 75% vote in favour of the divestment, which will return NZ$3.2bn to shareholders.