Delayed takeover for Goodman Fielder

Difficulty in gaining regulatory approval from China has delayed the foreign takeover of Goodman Fielder by Wilmar International and First Pacific.

Goodman Fielder shareholders were expected to approve the scheme at a meeting to be held in late November, subject to the progress of regulatory approvals.

This meeting has had to be pushed back to March 2015, according to Goodman Fielder, because obtaining regulatory approval from China is taking longer than expected.

“While Wilmar and First Pacific are continuing to progress the required regulatory approvals, Goodman Fielder and Wilmar/First Pacific now anticipate that the process for obtaining approval from the Ministry of Commerce (MOFCOM) in China is likely to take longer than initially anticipated,” the company said.

The end date of the scheme has been extended from December 31 to March 31, 2015.

The proposed takeover also requires approval from Australia's Foreign Investment Review Board and the Overseas Investment Office in New Zealand.