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

29 Jun: Dairy farmers are remaining optimistic, despite some road bumps

04 Jun: Dairy prices are down 1.6 percent at the latest Global Dairy Trade auction

29 May: Good news for Fonterra dairy farmers - accompanied by a "but"

29 May: Fonterra's reporting a strong rise in profit, while warning of more global uncertainty on the horizon

26 May: Farmers are sounding the alarm - warning the sheep industry is collapsing

25 May: Strong global dairy commodity prices are expected to be good news for farmers this season

22 May: New Zealand farmers are benefiting from a dairy renaissance

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