Dairy giant Fonterra is understood to be conducting a pitch, seeking a global advertising partner for an account estimated to be worth as much as $40 million.

This comes as Fonterra prepares to unleash a significant new strategy and change of direction tomorrow morning.

While a lucrative opportunity, the advertising account comes with the challenge of working with a legacy behemoth struggling to put out fires on many fronts, local and abroad.

Asked for details of the pitch, a Fonterra spokesman told the Herald it wasn't the company's policy to disclose information about commercial agreements.

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Industry sources have told the

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Fonterra behind the times