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

Fonterra

French dairy giant Lactalis has agreed to buy the co-op's consumer and associated businesses for over 3.8 billion dollars.

However, the final decision will depend on a vote by shareholders in late October early November.

Fonterra Cooperative Council Chair John Stevenson says it's a strong proposal.

But he says the most important thing for farmers is how the co-operative looks going forward.