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The proposed $1.3 billion takeover of Goodman Fielder Limited (ASX:GFF) has scored the green light from Australia’s competition watchdog. 

Singapore-based Wilmar International and Hong Kong’s First Pacific launched a bid for the food manufacturer in April. 

In July Goodman Fielder’s board unanimously backed a takeover offer of $67.5 cents through a scheme of arrangement.  

The Australian Competition and Consumer Commission’s investigation looked into any potential competition concerns, especially relating to the supply of vegetable oils. 

Goodman Fielder says it will keep shareholders updated as its suitors continue to progress the regulatory approvals required to clear the bid. 

Goodman Fielder reported a net loss of $398 million in the 2014 financial year.