Goodman Fielder acquisition clears Chinese regulatory hurdle

By RJ Whitehead

- Last updated on GMT

Goodman Fielder acquisition clears Chinese regulatory hurdle

Related tags Goodman fielder Australia

The Chinese business regulator has given the green light for Wilmar International and First Pacific to acquire Australian food manufacturing major Goodman Fielder. 

Mofcom, the Anti-Monopoly Bureau of the Ministry of Commerce of the People’s Republic of China, granted its approval under the China’s anti-monopoly laws, meaning that only one more process of approval remains— from New Zealand’s Overseas Investment Office—before the deal goes ahead.

In November, the Australian government approved the take over by Singapore-listed Wilmar, Asia’s biggest agribusiness group, and Hong Kong-based First Pacific, a investment management and holding company.

As the process has dragged on, Goodman Fielder has had a difficult time in the face of difficult trading conditions, with its baking and grocery businesses heading a 6% drop in the company’s overall revenues. 

A Goodman Fielder shareholder meeting will consider and vote on the scheme of arrangement on February 26.

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