Mainland chief executive Rene Dedoncker was pitching  to equities fund managers in Sydney and Melbourne this week. The aim is to get an IPO bid for Mainland—a priced listing underwritten by investment banks and/or institutional investors to compare to trade and private equity bids.

Fonterra has said it will sell to the highest bidder, with a publicly stated goal of “maximising long term value for farmer shareholders, including the best return on capital invested.