AUS: Cargill seeks to acquire Goodman Fielder oils unit

By Michelle Russell | 28 May 2012

Cargill is to revive a deal the Australias competition watchdog rejected two years ago

Cargill is to revive a deal the Australia's competition watchdog rejected two years ago

US agribusiness giant Cargill has confirmed its intent to acquire the edible fats and oils business of Australian food manufacturer Goodman Fielder.

The move, reported last week, revives a deal Australia's competition watchdog rejected two years ago.

The Australian Competition and Consumer Commission (ACCC) opposed the A$240m (US$238.5m) sale in November 2010 and said the deal would lead to a "significant concentration of refining assets in Australia".

In a statement today (28 May), Cargill said it has requested the ACCC to conduct market inquiries about its intent to acquire the business.

"We believe market conditions have changed significantly enough over the past several months to allow us to meet the necessary regulatory approvals to acquire the business. There is a formal and confidential sales process in place, and we are not in a position to comment further," the company said.

Goodman Fielder, which is 10% owned by Singapore palm oil company Wilmar International, put its Integro edible fats and oils business and its New Zealand milling arm up for sale six months ago. Final bids are reportedly due at the end of June.

Sectors: Commodities & ingredients, Condiments, dressings & sauces, Mergers & acquisitions

Companies: Cargill, Goodman Fielder

View next/previous articles

Currently reading -

AUS: Cargill seeks to acquire Goodman Fielder oils unit

There are currently no comments on this article

Be the first to comment on this article

Related articles

AUS: Goodman Fielder secures price increases from retailers

Australian food group Goodman Fielder, which has made losses in its last two financial years, said today (22 November) it had secured a "milestone" agreement on prices and recovering input costs.

US: Cargill makes Cocoa Promise commitment

US agribusiness giant Cargill has launched a Cocoa Promise pledge that it says strengthens its global commitment to cocoa farmers.

Comment: Child labour hangs over chocolate sector's CSR programmes

Cadbury owner Mondelez International has pledged US$400m to try to improve the lives of cocoa farmers and, crucially, help shore up future supplies of the commodity. The investment is the latest by a number of suppliers and, while their work should be welcomed, the use of child labour in cocoa farming remains a tough nut to crack.

Welcome to the home of food information, insight & intelligence

Not a member? Join here

Decrease font sizeDecrease font sizeDecrease font size Increase font sizeIncrease font sizeIncrease font size Comment on this article Email this to a friend Print this page