The UK-based buyer of Tip Top has skirted Overseas Investment Office approval by purchasing the business through an Australian subsidiary.

Fonterra has sold the ice cream business to Froneri, which was created in 2016 by Nestle and UK ice cream company R&R – owned by French private equity firm PAI Partners.

Key Points:

• Tip Top sold for $380m
• Fonterra books $100m gain on book value
• Deal to add 6c a share to Fonterra earnings
• Tip Top management keep their jobs


The purchase price was confirmed as $380 million, which would normally require OIO approval when transacted by UK and