Speculation has been mounting after it was reported that Fonterra was looking at selling iconic ice cream brand Tip Top. Australian investment bank Macquarie Capital has reportedly been hired to sell the brand which is thought to be worth an estimated $400 million. The sale is the result of Fonterra undergoing a strategic review after it reported a loss of $196 million for the 2018 financial year. Fonterra has yet to confirm the rumour but said that it is understandable that there would be speculation about the review.