Fonterra's farmer shareholders should get a decent payout from the sale of consumer brands like Anchor and Mainland.

They've overwhelmingly voted for a $4.2 billion dollar sale to French company, Lactalis.

ASB economists predict the sale will deliver a tax-free capital return of $3.2 billion - or $400,000 per farmer. 

Chief executive Miles Hurrell says that's close, with a wide spectrum of farm sizes. 

"Everyone will get their own cash in time accordingly, but yeah, $2 tax-free per share is a decent wedge of cash for most farmers."

LISTEN ABOVE