Nearly two decades on from its creation, Fonterra is still handling about 80 per cent of all New Zealand raw milk. But is it time, as some critics say, to chop up this $20 billion beast and create a separate discretionary investment vehicle to chase the money needed to hit the high value, high earning branded consumer product markets? In the second part of her series, Andrea Fox runs the ruler over the cooperative model.

Fonterra's architects got a lot of backs up when they side-stepped the Commerce Commission, claiming their plan for a super-cooperative to take on the world

Not so fast

Fonterra sets the pace

Danger signals

Co-ops are big business