A deal for the businesses Fonterra is divesting could be valued at around NZ$4 billion ($2.37 billion). The Australian Competition and Consumer Commission's (ACCC) review process comes after Reuters on Thursday reported that several firms - including Japan's Meiji and France's Lactalis - were exploring bidding for Fonterra's global consumer business, Fonterra Oceania and Fonterra Sri Lanka units. The informal review process is voluntary, and lets parties seek the ACCC’s view on whether a merger is likely to substantially lessen competition. "As the leading dairy group, global development is core to our growth plans, and we are naturally considering investments in Australia and internationally," the group said in an emailed response to Reuters. Fonterra Oceania and Fonterra Sri Lanka supply milk to be turned into dairy products.