There's speculation that iconic icecream company Tip Top could be up for sale, as part of a strategic review of Fonterra.
The Australian newspaper has reported that the co-operative is thought to be considering selling its South American operations, along with Tip Top.
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It suggested that investment bank Macquarie Capital has been hired to sell Tip Top, thought to be worth about $400 million.
Fonterra is carrying out a strategic review after posting a loss of $196 million dollars for the 2018 financial year, however, isn't confirming a potential sale of Tip Top.
"As we've previously said, we are taking a close look at our current portfolio, including all of the co-operative's investments, major assets and partnerships against our strategy," said a Fonterra spokesperson.
"This includes target return on capital and whether there is opportunity to scale them up and grow more value over the next two-three years," the spokesperson said.
Fonterra said the process is well underway and it was understandable that there wlll be speculation.
"When we are ready, we'll be open with our people, farmers and the market about any proposed changes," the spokesperson said.