Fonterra Co-operative Group Limited (NZSE:FCG) moved a step closer towards a float of its $1.2 billion Australian unit (Fonterra Australia Pty Ltd) on October 25, 2021 by officially mandating investment banks Jarden and UBS for the listing. The two investment banks are understood to have both previously carried out work for Fonterra and won the role - as revealed online by DataRoom on October 25, 2021 - following a beauty parade where six firms in total pitched in recent weeks. Fonterra has also tapped PwC as an investigative accountant ahead of the listing and there has been speculation that Deutsche Bank is in the box seat for the role selling Fonterra's business in Chile. UBS is understood to have carried out scoping study work on the Australian operations, and Jarden now counts top former UBS equity capital markets operatives within its top ranks in Australia.