Created in 2001, Fonterra was heralded as a ‘breakthrough idea’ meant to help New Zealand ‘catch the knowledge wave’. 14 years on, there’s been no economic transformation, writes Tony Baldwin. Fonterra is confined to segments of business that deliver a return on assets of no more than 5-8%, making it a ‘bottom-feeder’. “Potentially better than an oil well,” boasted Fonterra’s founding chairman, John Roadley, in 2002. “White gold” is another…