超160亿，恒天然官宣将消费品业务卖给全球最大乳企，安佳、安怡和安满在华安排敲定

Core Viewpoint - Fonterra has agreed to sell its global consumer brands and related businesses to Lactalis for NZD 3.845 billion, marking a significant strategic shift for the company and enhancing Lactalis's market position [1][4][7] Transaction Details - The sale includes Fonterra's global consumer brand business (excluding Greater China), integrated food service and ingredient businesses in Oceania and Sri Lanka, and food service operations in the Middle East and Africa, covering over 20 brands [4][7] - The total transaction value could reach NZD 4.22 billion (approximately CNY 176.37 billion) if certain conditions are met, including the licensing of Bega [7] - Fonterra will continue to supply raw milk and dairy products to the divested brands, ensuring that New Zealand dairy farmers remain integral to these products [7][9] Strategic Implications - Fonterra's board believes the sale provides a higher value than pursuing an IPO, allowing for a complete divestiture of the consumer business and quicker capital return to cooperative owners [7][9] - The transaction is expected to be completed in the first half of 2026, pending approvals from various regulatory bodies [11] Future Outlook - Post-transaction, Fonterra aims to focus on becoming a more concentrated global B2B dairy supplier, retaining significant assets and workforce [16] - The company plans to enhance its core operations in high-value ingredients and food service, targeting a capital return rate of 10%-12% [16][13] - Fonterra's consumer brands accounted for only 7.5% of its revenue, indicating a strategic pivot towards more profitable segments [16] Market Impact - Following the announcement, Fonterra's stock price rose by 15%, reflecting positive market sentiment regarding the sale [26] - Analysts noted that the sale price exceeded market expectations, which had estimated the consumer business's value at NZD 2-3 billion [26] Lactalis's Position - Lactalis, as the world's largest dairy company, will significantly enhance its revenue and market presence in Oceania, Southeast Asia, and the Middle East through this acquisition [9][31] - The acquisition aligns with Lactalis's strategy to expand internationally and strengthen its position in key markets [9][31]