New Zealand's dairy giant seeks capital

Although New Zealand still has seven times as many sheep as people, cows drive its economy these days. Dairy products are a quarter of the country’s exports, giving it a third of the world’s dairy trade. Large tracts of sheep pasture and forest are being converted to churn out more milk, or “white gold”.

Bestriding the local market with a share of over 90% is Fonterra, a co-operative formed in 2001 as a national champion, from two smaller entities and the former New Zealand Dairy Board.