Singapore agribusiness giant Wilmar International has increased its stake in Australian food manufacturer Goodman Fielder.

Wilmar has taken its interest from below 5% to 10.1%, Goodman Fielder said in a filing with the Australian stock exchange said today (28 February).

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Goodman Fielder said it had “not received any proposals” from Wilmar “or any other party” to buy the company.

However, Goodman Fielder, which is restructuring its operations after a challenging 18 months, said Wilmar “has been involved in the preliminary stages of the possible divestment” of some of its non-core assets. “Goodman Fielder has been in discussions with Wilmar in that context,” the company added.

Nevertheless, shares in Goodman Fielder jumped in the wake of Wilmar’s investment as the market considered whether the agribusiness group would make an offer for the whole business. Officials at Wilmar could not be reached for immediate comment.

See Also:

Earlier this month, Goodman Fielder reported a fall in half-year profits due to restrucuring costs, foreign exchange losses and falling sales.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The decline in earnings followed a year of falling profits. In August, the company posted a 17.3% decrease in annual earnings due to pressure from raw-material costs and lower sales.