Farmers vote to sell Fonterra's iconic brands

More than 88 percent of Fonterra's famer shareholders today voted to sell Mainland, Kapiti and Anchor to French dairy giant Lactalis for $4.2 billion. Winston Peters' has labelled the decision utter madness, economic self-sabotage and an outrageous short-sighted sugar hit. It's estimated farmer shareholder will get an average tax free payout of about $392,000. Chair of Fonterra's coperative council and farmer, John Stevenson spoke to Lisa Owen.