Goodman Fielder, Cargill terminate edible fats deal
November 12, 2010
by Eric Schroeder
MELBOURNE, AUSTRALIA — Goodman Fielder Ltd. and Cargill on Nov. 12 said they have agreed to terminate the transaction agreement that would have given Cargill the commercial edible fats and oils business of Goodman Fielder for A$240 million. The transaction, which was first announced in December 2009, would have included the commercial business’ four fats and oils refining assets located in West Footscray in Melbourne, Murarrie in Brisbane, Bunbury near Perth and East Tamaki in Auckland, New Zealand.
The decision to terminate the agreement followed confirmation from the Australian Competition and Consumer Commission that the A.C.C.C. intended to oppose the transaction.
“As announced by Goodman Fielder in March, the company had anticipated this decision and has proceeded to develop and substantially restructure the business to maximize profitability,” Goodman Fielder said. “Considerable progress has already been made on refocusing and repositioning the business and further details will be provided at the company’s annual general meeting on Nov. 25.”