Australia’s largest food company, Goodman Fielder, has begun looking for potential buyers, in the hope of drumming up competition to Burns, Philp & Co’s A$2.4bn (US$1.4bn) takeover bid.

According to media speculation, international food companies ConAgra Foods, Kraft Foods, Nestlé, General Mills and Sara Lee are among those who might have an interest in Goodman Fielder.

Salomon Smith Barney said the Burns Philp offer appeared to be “fairly fully priced,” representing 12 times the estimated fiscal 2003 earnings before interest and tax, reported Dow Jones International News.