Goodman Fielder takeover gets green light
Shareholders in Australia's largest food maker have approved a $1.34 billion takeover by Singapore agribusiness Wilmar and Hong-Kong investment firm First Pacific.
Goodman Fielder is the maker of brands including Wonder White, Helga's, Meadow Lea and Pampas.
More than 99 per cent of votes cast by its shareholders at a meeting in Sydney were in favour of the transaction.
"While in one respect it will be sad to see the company change from public shareholding to private ownership, I also think it is important to recognise the significant opportunity that can come from this change," chairman Steve Gregg told the meeting.
"Wilmar's scale and distribution networks, together with First Pacific's experience and both parties' financial resources, will provide meaningful scale to Goodman Fielder's existing operations and allow the company to grow its presence further in the Asia Pacific region."
A Federal Court hearing to consider approval of the scheme of arrangement implementing the takeover is scheduled for March 2.
Goodman Fielder shares are expected to trade for the last time on the Australian and New Zealand share markets on March 3.
