A PYMNTS Company

Asia/Australia: Consortium earns approval for $1B food buyout

By  |  October 22, 2014

Australian officials have given approval to an Asian consortium to acquire Australia’s food manufacturer Goodman Fielder for $1.18 billion, reports say.

The Australian Competition and Consumer Commission extended clearance to the consortium, made up of Hong Kong investment manager First Pacific Company and Singapore agribusiness Wilmar International. The takeover will still need to secure approval by China’s Ministry of Commerce to move forward, however.

Reports say Goodman Fielder, which operates brands including Wonder White and Helga’s, announced in September that it is in the process of securing approval for its takeover, and that clearance from China would likely “take longer than initially anticipated.”

Full content: Business Recorder

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.