FirstPac nears acquisition of ANZ firm

MANILA, Philippines - Hong Kong-based industrial conglomerate First Pacific Co. Ltd., led by business titan Manuel V. Pangilinan, and partner Wilmar International Ltd. have taken a step forward in its planned acquisition of one of the top food companies in Australia and New Zealand

In a disclosure to The Stock Exchange of Hong Kong, First Pacific said it has hurdled one of several regulatory approvals to acquire the entire issued share capital of Goodman Fielder by way of a scheme of arrangement.

“The company now confirms that the Anti-Monopoly Bureau of the Ministry of Commerce of the People’s Republic of China has granted approval under the Anti-Monopoly Law of the People’s Republic of China for the proposed acquisition of Goodman Fielder by the company and Wilmar,” First Pacific said.

First Pacific earlier said the implementation of the scheme of arrangement would occur only after all required regulatory approvals have been obtained and all other conditions precedent have been satisfied.

“The company and Wilmar are continuing to progress the remaining required regulatory approval which is the consent under the New Zealand Overseas Investment Act for the proposed acquisition of Goodman Fielder by the company and First Pacific,” First Pacific said.

Goodman Fielder manufactures, markets and distributes food ingredients and consumer branded food, beverage and related products through brands Meadow Lea, Praise, White Wings, Pampas, Mighty Soft, Helga’s and Wonder White.

The company in July last year accepted a A$1.34-billion takeover bid from Wilmar and First Pacific.

First Pacific is into telecommunications (PLDT), infrastructure (Metro Pacific Investments Corp.), mining (Philex Mining Corp.) and consumer food conglomerate (Indofood Sukses Makmur Tbk and Roxas Holdings Inc.).