(Reuters) -Australia’s antitrust regulator on Friday began an informal review of Lactalis’ proposed bid for Fonterra’s assets on the block, even though the French dairy giant has yet to formally announce the offer.

Fonterra said in April that some potential buyers were at a stage where they could seek regulatory approvals — a standard step ahead of any deal.

In November, the New Zealand-based company announced plans to sell or list the units to sharpen its focus on core milk processing operations.

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.

Fonterra declined to comment further, referring to its April announcement. Lactalis and the ACCC declined to comment.

A deal for the businesses Fonterra is divesting could be valued at around NZ$4 billion ($2.37 billion).

Fonterra Oceania and Fonterra Sri Lanka supply milk to be turned into dairy products.

The operations being considered for a possible divestment accounted for about 19% of Fonterra’s operating earnings in the first half of fiscal 2024, it said in May 2024.