It's expected there'll be huge demand from offshore for farmers' shares in Fonterra.
66 per cent of farmers have voted in favour of the Trading Among Farmers Scheme.
But that won't happen until November at Fonterra's AGM when another vote is made on what percentage of shares can be traded by outsiders.
ANZ rural economist Con Williams believes there'll be a range of outside investors.
He says people will be keen to invest because it's difficult to get exposure to the milk business and everyone wants to be part of the New Zealand dairy story.
Mr Williams says the number of shares traded by farmers will depend on their individual situation.
Photo: NZ Herald