The board of dairy giant Fonterra has suggested farmers buy back the company as it initiates a discussion with investors over its future structure. Fonterra directors are proposing a cheaper entry for farmers to the big dairy cooperative and either axing or capping the listed Fonterra Shareholders’ Fund to protect farmer ownership and control. Chair Peter McBride says the board considered several options, including no change at all, but prefers to reduce Fonterra’s share standard and says a key outcome of the change would be that shares could be bought and sold between farmers in a farmer-only market helping young farmers and succession plans. Trading Fonterra shares will resume on Friday morning.