New Zealand dairy giant Fonterra has agreed to sell its global consumer and related businesses to France's Lactalis for $2.24 billion. The deal covers popular brands such as Mainland, Anchor, and Kapiti, as well as Fonterra's Foodservice and Ingredients operations in Oceania, Sri Lanka, the Middle East, and Africa. Fonterra's chief executive said the trade sale process offered better value and synergies than an initial public offering, with the sale price potentially rising if additional licences are included. Following the announcement, Fonterra's shares soared to a seven-year high, and the company plans a tax-free capital return to shareholders. The transaction is expected to close in the first half of 2026, pending shareholder and regulatory approval.