News: Goodman takeover gets FIRB green light

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

 

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

 

Today’s Foreign Investment Review Board approval comes after the Australian Competition and Consumer Commission gave its go-ahead last month. 

 

In July Goodman Fielder’s board unanimously backed the takeover offer through a scheme of arrangement which will go a shareholder vote in the first quarter of 2015. 

 

The breads and spreads manufacturer says its suitors continue to progress the required regulatory approvals. 

 

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