wilmar still undecided over goodman

Wilmar still undecided over Goodman

01 Mar, 2012 11:20 AM

SINGAPORE-based agribusiness giant Wilmar International has not "yet" decided whether to pursue a takeover offer for Goodman Fielder after emerging earlier this week with a 10.1 per cent stake.

Wilmar revealed a joint venture with Goodman Fielder "was a possibility" and it was still mulling whether to buy Goodman's fats and oils and NZ flour milling operations, in a statement emailed to The Australian Financial Review.

A Wilmar spokeswoman said there had been "no decision yet" on whether Wilmar was considering making a full offer for the company.

Market sources believe Wilmar is likely to bide its time and wait for Goodman's share price to decline before mounting a takeover offer valuing the company at about $1.6 billion.

Goodman shares have risen more than 30 per cent since Monday, when Wilmar's financial adviser, UBS, marched into the market, snaring 7.8 per cent of the stock and lifting Wilmar's stake to 10.1 per cent at an average cost of 58¢ a share.

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