Farmers who own New Zealand dairy cooperative Fonterra voted Thursday to sell its consumer business to French group Lactalis, a decision slammed by the country's foreign minister as "utter madness".

Final farmer votes were cast in a virtual meeting in the morning, with 88.5 percent of the total ballot cast in favour of the sale of Fonterra's global consumer and associated businesses, Fonterra said in a statement.

The total sale price is NZ$4.2 billion (US$2.4 billion), after including the value of Bega Cheese licences worth NZ$375 million, the company said.

Foreign Minister Winston Peters said the vote meant "iconic" brands such as Anchor, Mainland and Kapiti were being sold off to the French firm.

"This is utter madness. It is economic self-sabotage," Peters said in a post on social m

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