Takeover Speculation, page-252

No your are incorrect.
There are farms run by farmers that have herds of A2 only cows.

These farmers sell their milk. They can sell to either Fonterra or Synlait. Depends which one offers the best farm gate price

Some choose to sell to Synliat who then process it into either liquid milk (this could well be a1/a2 milk) for sale to local supermarkets under the "Budget" brand" or they make infant milk powered. Synlait owns this milk powder (you can see it in the Annual report listed under "inventory)

A2 has contracts with synlait requiring X amount of infant formula per period packaged in either English label or chinese label cans.

Synliat makes these cans, palletises them, loads them on truck (and on a train) and trundles them to Lylleton port for shipping.

In 2025 A2 and or synlait maty decide to quit or alter this supply agreement.

As for Fonterra, as mentioned above they get A2 milk from A2 farmers. They have a license agreement to market this milk as A2 under the "Anchor" brand.