Co-op begins filling the bleachers for mammoth task, with accountancy experts next on its shopping list.

Fonterra has appointed “transactional advisers” for the lengthy process of divestment of some or all of its consumer businesses and brands.

Appointed are Jarden, JP Morgan and Craigs Investment Partners for support during the preparation phase and as the point of contact for potential buyers.

Legal advisers have also been appointed and there is a need for accountancy advisers, Fonterra’s managing director of co-operative affairs, Mike Cronin, said.

Cronin told Farmers Weekly last week that the preparation phase involves due diligence on Fonterra itself, including employment contracts, commercial contracts and relationships, intellectual property and trademarks.

After the advisory appointments it will take three or four months to report back on what is credible in terms of countries, locations, assets, potential buyers and types of divestment options.

When announced in mid-May, what Fonterra calls its step-change in strategic direction was expected to take 12 to 18 months to work through.

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