Fonterra Co-operative Group Limited (NZSE:FCG) is understood to have already hired advisory firm Jarden for a potential float of its $1.2 billion Australian unit, sources say. DataRoom understands that Jarden has been working for Fonterra on a scoping study of the business and is set to have a role on the float, along with other investment banks that are yet to be selected. Macquarie Capital and Goldman Sachs have also been working for Fonterra in the past. The potential float of its Australian unit was announced by the company last week and comes as three banks are understood to have been asked to pitch for a roll selling Fonterra's operations in Chile. Investment banks in line for the mandate are believed to be UBS, Credit Suisse and Goldman Sachs. A float of the Australian arm is not expected to happen until late next year. Many have suggested in the past that Fonterra has been mulling a sale of its Australian unit for some time, but the challenge has been finding buyers.