Fonterra’s farmer shareholders have voted overwhelmingly in favour of the sale of the brands like Mainland and Anchor to a French company.

More than 88 percent of the votes cast at a special meeting backed the $4.2 billion sale to French dairy giant Lactalis.

ASB Bank estimated the sale proceeds would ultimately be worth about $4.5b to the economy, with farmer shareholders receiving an average tax-free payout of about $392,000 if the sale went ahead.

The sale to the world’s biggest dairy group, French-based Lactalis, is the final step in Fonterra’s transition to a slimmed-down New Zealand-based supplier of raw ingredients and high-value products to other manufacturers.