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

21 Mar: The boss of Fonterra is playing down concerns about the Chinese market

21 Mar: A good news day for Fonterra shareholders

21 Mar: Dairy farmers will be breathing a sigh of relief with Fonterra's latest results

20 Mar: There's bad news for dairy farmers on the eve of Fonterra's half year results -- with dairy prices dropping a further 2.8 percent at the latest Global Dairy Trade auction this morning

13 Mar: Sheep and beef farmers are looking down the barrel of their worst year in 15 years

07 Mar: Sheep and goat milk farmers are being left with few options as the sector grinds to a halt

21 Feb: Dairy prices are up 0.5 percent at the latest Global Dairy Trade auction overnight

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