AUS: Cargill seeks to acquire Goodman Fielder oils unit
Cargill is to revive a deal the Australia's competition watchdog rejected two years ago
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.
Reducing the amount of food waste that goes to landfill is a sustainability challenge faced the world over. Ben Cooper takes a look at an initiative in the US which brings together retailers, manufact...
- Why Heinz-Kraft merger could herald more deals
- The challenges awaiting ConAgra's new CEO
- Focus: Can Mars gain share in Indian chocolate?
- Analysis: Is Heinz, Kraft merger "a growth story"?
- Interview: FrieslandCampina eyes Gulf expansion
- Mondelez coy on Philadelphia sale rumours
- Fatal explosion at French desserts firm Senagral
- Aryzta buys 49% of French retailer Picard
- Infographic: Heinz, Kraft unveil combined business
- Buffett: Kraft Heinz to withstand health focus