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Australia's foreign investment watchdog has approved an Asian consortium's A$1.34 billion (HK$9.15 billion) bid for Goodman Fielder, the food manufacturer said.
The approval brings Singapore-based agribusiness Wilmar International and Hong Kong investment manager First Pacific one step closer to taking over the company, although the deal still needs approval from China's commerce ministry.
"The Foreign Investment Review Board has notified Wilmar and First Pacific that it has no objection to the proposal from Wilmar and First Pacific to acquire 100 per cent of Goodman Fielder via a scheme of arrangement," Goodman Fielder said.
"Goodman Fielder advises that Wilmar and First Pacific are continuing to progress the other regulatory approvals required in connection with the scheme."
The Australian firm - which owns food brands including Helga's, MeadowLea and Wonder White - said last month the process of obtaining approval from China "is likely to take longer than initially anticipated".
The bid was approved by the Australian Competition and Consumer Commission late last month.
A shareholder meeting to approve the offer of 67.5 Australian cents a share was expected to be held in the first three months of next year, Goodman Fielder said. The company's board previously accepted a takeover offer of 70 Australian cents a share from First Pacific and Wilmar in May, which valued the company at A$1.37 billion.
Goodman Fielder reported a net loss of A$405.1 million in the year to June on a pre-tax impairment of A$358.2 million. It followed a net profit of A$102.5 million in the previous year.


Australia approves Wilmar, First Pacific bid for Goodman Fielder for US$1.18b

Cooking oils produced by Goodman Fielder are displayed at a supermarket in Sydney. Photo: Bloomberg News

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First Pacific and Wilmar cleared to take over food producer Goodman Fielder


Australia's foreign investment watchdog has approved an Asian consortium's A$1.34 billion (HK$9.15 billion) bid for Goodman Fielder, the food manufacturer said.


Australia approves Wilmar, First Pacific bid for Goodman Fielder for US$1.18b

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}First Pacific and Wilmar cleared to take over food producer Goodman Fielder

First Pacific and Wilmar cleared to take over food producer Goodman Fielder