The co-operative is targeting a tax-free capital return of $2.00 per share to shareholders and unit holders, equivalent to around $3.2 billion, once the sale is complete.
Fonterra last year struck a deal to sell Mainland to Lactalis for a higher-than-expected $4.22b.
Analysts estimate the sale will deliver about $400,000 tax-free to the average Fonterra farmer.
The sale will also mean Fonterra will have $1b to spend over the next three to four years in projects to generate further value through its remaining high-performing Ingredients and Foodservice businesses.
Jamie Gray is an Auckland-based journalist, covering the financial markets, the primary sector and energy. He joined the Herald in 2011.
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