The dairy cooperative says cash from the sale, along with proceeds from other asset sales like Tip Top, will provide more than one billion dollars for debt reduction.

Fonterra is due to release its annual results tomorrow.

>> More Rural News

Other Rural News

26 Aug: A new development, in the sale of Fonterra's consumer arm

23 Aug: Fonterra farmers are being tight-lipped on how they feel about selling its largest brands - including Anchor and Mainland

22 Aug: The Prime Minister's celebrating Fonterra's sale of it's consumer arm to a foreign dairy giant

21 Aug: The uncertainty isn't over for dairy farmers

12 Aug: Could iconic Kiwi dairy brands like Anchor and Mainland soon be under French ownership?

06 Aug: Dairy prices have risen 0.7 percent at the latest Global Dairy Trade auction overnight

25 Jul: Nicola Willis insists her talks with Fonterra about butter prices have been productive

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