A farmer shareholder vote is set to be held at a Special Meeting to be held in late October or early November. Lactalis CEO Emmanuel Besnier said: "With this acquisition, we significantly strengthen our strategy across Oceania, Southeast Asia and the Middle East. "Combining the Fonterra consumer business operations and market leading brands with our existing footprint in Australia and Asia will allow Lactalis to further grow its position in key markets. I'm delighted to become a key partner to Fonterra over the long term as well as I'm looking forward to welcoming new teams to the Lactalis family." McBride commented: "Following a highly competitive sale process with multiple interested bidders, the Fonterra Board is confident a sale to Lactalis is the highest value option for the co-op, including over the long-term.