The New Zealand Dairy Board and Bonlac, the Australian dairying co-op, have signed an outline agreement to merge their consumer businesses as a separate joint venture, owned and operated on a 50/50 basis. NZDB will also take a 25% interest in Bonlac, with the 3,000 existing supplier shareholders holding the rest. NZDB's Australian ingredients sites will be merged into Bonlac. {{PROVISIONS }}