I don't think the ownership aspect would be crucial, but control would be the more worrying aspect for farmers - however would take a major player to get any sort of control. The chnage with SFF has a maximu of 5% voting block for non supplier shareholders.

Farmers are already supply the likes of NZ Dairies, owned by a Russian company (Nutriek??) and Open Country are 25% owned by Olam from Singapore. Farmers will be loyal as long as Fonterra have the best payoff (or thereabouts) - it won't matter about market development or added value or whatever.

there would have to be some sort of hybrid system to equally reward shareholders and would be a tough balance - inveriably would be tilted the way of farmers.

Fonterra also issued some new bonds earlier this year.