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 Jun: Manawatu dairy farmer Andrew Hoggard is the new president of Federated Farmers

26 Jun: Former Zespri chairman Peter McBride will lead the boardroom of the country's largest company

26 Jun: Fonterra is replacing its retiring chairman John Monaghan with Tauranga dairy farmer and kiwifruit grower Peter McBride

24 Jun: The global demand for sheep milk is growing, and Kiwi farmers are responding

23 Jun: Fonterra farmers who produce sustainable, high quality milk will soon be eligible for a new payment of up to 10 cents per kg of milksolids

15 Jun: Dairy farmers aren't overly optimistic that a wide ranging milk payout will be narrowed

03 Jun: Dairy farmers have agreed to again bankroll their industry organisation

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