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Australia: Commission clears food oil buyout

By  |  September 25, 2014

Australia’s competition authorities announced Thursday they have approved of the proposed acquisition of edible cooking supplier Goodman Fielder and will not ask concessions from the deal.

According to reports, Wilmar International and Hong Kong-based First Pacific will acquire the company for $1.2 billion. The transaction reportedly did not raise concerns with the Australian Competition and Consumer Commission.

Reports say the Australia-based Goodman has been struggling in recent years. The company sells oil brands including Crisco and Gold’N Canola. According to the ACCC, the edible oil industry suffers from low product loyalty, but the fact makes it easier for retailers to switch suppliers.

Full content: Reuters

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