SYDNEY (Reuters) - Australia's Murray Goulburn Co-operative Ltd, locked in a three-way takeover battle for fellow diary company Warrnambool Cheese and Butter Factory Co (>> Warrnambool Cheese & Butter Factory Co.), said it was planning a partial share float to diversify its access to funds.

Murray Goulburn, Australia's top dairy producer, was considering a model similar to that of New Zealand dairy giant Fonterra Co-operative Group (>> Fonterra Shareholders' Fund), which maintains farmer-control while tapping additional capital from external investors via a non-voting unit trust.

The plan was the result of a year-long review of its capital structure and was unrelated to its A$505 million ($467 million) Warrnambool bid, which is funded by debt, Murray Goulburn said on Friday.

Murray Goulburn, the second-biggest shareholder in Warrnambool, is battling with Bega Cheese Ltd (>> Bega Cheese Ltd) and Canada's Saputo Inc (>> Saputo Inc.) for control over Warrnambool, stoked by forecasts of surging demand for dairy products from China and other emerging economies.

Fonterra, the world's biggest dairy exporter, is a farmer co-operative that launched Fonterra Shareholder Fund last year. The fund allows external investors to invest in return for dividends and capital growth.

Fonterra also has a platform that allows trading of shares among eligible farmer shareholders, providing a market value for the farmer-held shares.

"The co-operative structure is at the heart of our success and we want to reassure all supplier shareholders that we are not proposing any change to it," Chairman Phil Tracy said in a statement.

"We believe this is a more effective and efficient capital structure for MG (Murray Goulburn) to pursue because it diversifies MG's funding mix away from traditional bank debt."

The company said it would consult with its shareholder suppliers and regulators over the coming months, and expected the unit trust to list on the Australian Stock Exchange by July next year. ($1 = 1.0811 Australian dollars)

(Reporting by Maggie Lu Yueyang; Ediing by Ryan Woo)