[22 November/Otago Daily Times]

Fonterra has declined to be drawn on speculation that its New Zealand based ice cream company, Tip Top, may be up for sale as the co-operative looks to streamline its operation. The Australian newspaper said Fonterra is believed to be weighing up a sale of its South American operations, as well as Tip Top, amid a strategic review aimed at boosting its returns. The paper claimed that sources had indicated to it that investment bank Macquarie Capital has been hired to sell Tip Top, thought to be worth about $400 million. Goldman Sachs, the bank typically used by Fonterra, is likely to be behind the sale of the South American operation, which could reap the dairy co-operative $1 billion, it said.