Fonterra is unhappy with Federated Farmers, after the federation proposed selling Fonterra's international farms to raise capital as an alternative to Trading Among Farmers.
Chief executive Theo Spierings says Trading Among Farmers is not about raising capital, but protecting the co-operative.
He says it's disappointing that Federated Farmers is making such ill informed comments on an issue that is for farmer shareholders to decide.
Some farmers are concerned they will lose control of Fonterra if plans take place to let farmers trade their shares amongst themselves in a private market, while also setting up a fund to tap outside investment.
That prompted Fonterra to announce a vote on the issue late next month.