French company Lactalis is seeking regulatory approval to purchase Fonterra's consumer arm for 4.2 billion dollars.
It's now received approval from some regulators, including New Zealand's Overseas Investment Office, but is still seeking regulatory approval from others.
Fonterra now expects to put its proposed return to shareholders to a shareholder vote on February 19.
The dairy co-op's also providing a financial update - forecasting earnings of 45 to 65 cents per share for the current season.
