Nearly two decades ago, dairy industry leaders promised Fonterra would be New Zealand's Nokia. That may be the one promise they have kept.

Almost everything else promised to dairy farmers, Prime Minister Helen Clark, Parliament and New Zealand turned out to be bogus.

At the heart of the argument why Clark should overrule the Commerce Commission and legislate for Fonterra was vertical and horizontal integration.

Fonterra was formed not just by merging Craig Norgate's Kiwi Co-operative Dairies and Henry van der Heyden's New Zealand Dairy Group, but by integrating their joint subsidiary, the New Zealand Dairy Board, into the new

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