A PYMNTS Company

Australia: Commission clears food oil buyout

 |  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.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    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

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