HONG Kong-listed conglomerate First Pacific Co. Ltd. will start holding the reigns next week of food manufacturer Goodman Fielder Ltd. after meeting all regulatory requirements for the multibillion-dollar acquisition of the Australian company, a top official said.
First Pacific CEO and Managing Director Manuel V. Pangilinan said his company and its partner Wilmar International Ltd. have gotten “a favorable court decision” with regard to the acquisition of Goodman Fielder.
According to a company disclosure, Sydney’s Federal Court of Australia approved the takeover by way of scheme of arrangement on Monday.
“We expect to close the transaction by March 17, although the turnover of the company will start by late next week,” Pangilinan said in a chance interview.
The plan now, he said, is to evaluate Goodman Fielder’s business plans for the coming years.
The Australian food manufacturer in July last year accepted the $1.27-billion offer of the partners, paving way for the expansion of First Pacific’s portfolio of businesses.
The Hong Kong-based holding company partnered with Wilmar International, which already owns 10.1 percent of Goodman Fielder, for the said transaction.
Goodman Fielder produces and markets bread, milk, margarine, flour, dressings, condiments, dips, mayonnaise, frozen pastry, cake mix, pies, savories, desserts, sauces, vinegar and cooking oils. It owns well-known Australian and New Zealand brands such as Meadow Lea, Praise, White Wings, Pampas, Mighty Soft, Helga’s, Wonder White, Vogel’s (under licence), Meadow Fresh and Irvines.
Wilmar’s key businesses include oil-palm cultivation and oilseed crushing, edible oils refining and specialty fats, sugar milling and refining, oleochemical, biodiesel and fertilizer manufacturing and grain processing.
First Pacific controls local firms Philippine Long Distance Telephone Co., Metro Pacific Investments Corp., Philex Mining Corp. and Jakarta-based PT Indofood Sukses Makmur Tbk.