File photoThe multibillion-dollar sale of dairy co-operative Fonterra's consumer brands business is one step closer, as shareholders overwhelmingly approve another regulatory hurdle to the international deal. More than 98 percent of the co-op's 8000 shareholders voted in favour of the capital return scheme resulting from the divestment of Mainland Group, at a special meeting this morning. Shareholders would receive $3.2 billion once the sale was complete in one lump sum, while up to $1 billion would go back into the co-op. "Your co-op has been working to deliver the proposed capital return as quickly as possible," he said. "We are targeting a tax-free capital return of $2 per share to shareholders and unit holders, equivalent to around $3.2 billion, once the sale is complete."

Source: Otago Daily Times February 19, 2026 05:02 UTC