You say this like A2M is a company without any China ties of its...

You say this like A2M is a company without any China ties of its own.

A2M's China label product is distributed by China State Farms. It runs Mataura Valley Milk alongside China Animal Husbandry Group. And like you say, they have also demonstrated cooperative ties with Bright Dairy. Currently, all these state-linked entities have an interest in A2M's success.

Bright cannot increase its Synlait holding without launching a takeover offer. Neither can A2M. People seem to keep forgetting this. There is no takeover by stealth, equity raise, etc. And there is also no way for A2M to 'end up with the assets' in a 'hostile situation'. The only way they end up with Dunsandel is by paying for it - either in a straight asset sale or in a takeover of Synlait. Neither happens unless they come to an agreement with Bright and Synlait's other shareholders in which all parties are happy.

There is obviously uncertainty in all this, but one thing is clear. The production and sale of A2 China label product is the one thing making ALL of these companies any money.