Goodman Fielder has received confirmation that Burns, Philp and Company has today (19 October) sold its entire stake in the Australian food group's issued capital at A$2.12 per share.

Burns, Philp and Company held almost 20% of the company's listed capital.

Goodman Fielder was spun off from Burns, Philp & Co Ltd - an investment company owned by New Zealand's richest man Graeme Hart - and listed in Australia in December 2005 in a $2.1 billion float.

The news follows the suspension of trading in the company's share yesterday pending an announcement.

Goodman Fielder is one of Australasia's leading listed food companies. Its brands include Meadow Lea, Praise, White Wings, Pampas, Mighty Soft, Helga's, Wonder White, Vogel's (under licence), Meadow Fresh, and Irvines.

Analysts believe that the sales is unlikely to put Goodman Fielder into play as a takeover target in the near future.

"The sale opens up the register ... but I wouldn't have thought that sort of takeover activity was on the immediate horizon,'' one analyst was quoted saying in the local press.