AUS: Goodman Fielder nears Integro oils sale
Cargill announced its intention to acquire the Integro business in May
Australian food manufacturer Goodman Fielder has said it expects to seal a deal to sell its Integro edible fats and oils business by the end of the month.
Goodman Fielder put Integro up for sale late last year. In May, US agribusiness giant Cargill confirmed its intent to acquire Integro, 18 months after Australia's competition watchdog had blocked its previous bid for the business.
Announcing its full-year results yesterday (14 August), Goodman Fielder said it had entered into exclusive talks with a mystery bidder, which it did not identify.
"We have received a number of offers for the Integro commercial oils business and we have now entered into a period of exclusivity with one bidder to finalise the transaction which we expect to sign by the end of August 2012," CEO Chris Delaney said.
Goodman Fielder, which is looking to revitalise its business after a challenging two years, has also put its milling business in New Zealand up for sale. Delaney said there was interest in the operations.
"We are also well progressed with the divestment of our NZ milling business and we remain in discussions with a number of interested parties," Delaney said.
Delaney said proceeds from the sales will be used to further strengthen the company's financial position and for reinvestment in the company's core brands.
Goodman Fielder this week reported it had narrowed its full-year losses, driven by cost cuts and earnings growth in Asia Pacific.
However, the company reported a net loss of A$146.9m (US$154.3m) for the year to 30 June. A year earlier, its loss stood at A$166.7m.
Agri-giant Bunge has announced chief executive Alberto Weisser plans to retire at the beginning of June, to be replaced by the CEO of its North American arm Soren Schroder....
Cargill has secured a deal to acquire two animal feed mills from the bankrupt Pennfield Corporation in the US for US$9.8m....
Commodity trader Glencore has said it wants to be a "true leader" in global grain trading after completing its acquisition of Viterra in a deal worth US$6bn....
- Danone's global push for Danonino – interview
- How Hormel Foods can benefit from Justin's
- The balancing act at Amy's Kitchen - interview
- Tackling infant formula fraud in China
- RTRS looks for systemic solutions to progress
- Nestle sets new savings target
- ConAgra focusing on core with Spicetec sale
- Premier takes control of powders JV Knighton
- Amy's Kitchen strikes Picard deal in four markets
- CP Group invests in Russian dairy production