Fonterra Co-Operative Group has agreed to sell its global consumer and associated businesses to French dairy giant Lactalis for NZD 3.845 billion (approximately $2.2 billion). The deal may increase by NZD 375 million if Bega licences from Fonterra's Australian business are included. This transaction marks Fonterra's strategic move to refocus on its core milk processing operations and aims for a tax-free capital return of NZD 2.00 per share. Lactalis, led by billionaire Emmanuel Besnier, will acquire the consumer units as part of this agreement. Separately, French cocoa, coffee, and spices trader Touton is in exclusive negotiations to be acquired by Hartree Partners, reflecting ongoing consolidation in the soft commodities sector.