FirstPac, Wilmar clear final regulatory approval for Goodman purchase

MANILA, Philippines - Hong Kong-based First Pacific Co. Ltd. and agribusiness giant Wilmar International have cleared the final regulatory approval necessary to close their $1.4 billion purchase of breads and spreads maker  Goodman Fielder.

First Pacific said consent has been granted under the New Zealand Overseas Investment for the acquisition of Goodman Fielder, dropping the last major hurdle.

This follows the approval earlier given by the Anti-Monopoly Bureau of the Ministry of Commerce of the People’s Republic of China.

The next step involves Goodman Fielder’s  holding of a shareholders meeting to consider and vote on the 67.5 Australian cents share deal  on Feb. 26.  The process is scheduled for completion on March 17.

The proposed transaction needs approval from 75 percent of the shares cast and 50 percent of shareholders.

Goodman Fielder is the largest supplier of canola, soybean and sunflower oil in Australia.  Its portfolio of food brands covers everything from bread, butter and sauces to cake mix and oil, while Wilmar holds the lion’s share of the imported packaged oils market.

It owns a string of well-known food brands including Helga’s bread, Meadowfresh milk and yoghurt and White Kings baking products.

First Pacific is an investment management and holding company for the Salim Group’s business interests, which include a majority stake in Indofood, a leading food-focused company in Indonesia.  

Indofood, whose core business is instant noodles, is aggressively expanding its reach in Asia given the potential market of the world’s most populated region.