The Country 30/10/25: Miles Hurrell talks to Jamie Mackay

Fonterra’s chief executive comments on the overwhelming YES vote from Fonterra farmer shareholders to sell the consumer brands business to Lactalis. The deal was expected to deliver a tax-free capital return of about $3.2 billion to 8000-plus shareholding farms throughout New Zealand. The average return to farmer shareholders would be around $392,000. That’s about 0.7% of GDP. But not everybody’s happy. Just ask Winston!