(This corrects the story headlined “First Pac, Wilmar acquire Goodman Fielder for A$1B” published October 22, 2014 on page B3 of The Manila Times, in particular the second paragraph’s reference to the source of the information, which should be the disclosure of Wilmar International Limited to the Singapore Stock Exchange, instead of the Manila-based First Pacific. The corrected full version follows)
FIRST Pacific Company Ltd., led and owned by business magnate Manuel V. Pangilinan, has partnered with Singapore Stock Exchange-listed (SSE) Wilmar International Ltd. to fully acquire Australian food company Goodman Fielder Ltd. for A$1.057 billion or approximately US$994.7 million.
“In a disclosure to the Singaporean Stock Exchange, Wilmar said the Goodman Fielder acquisition is already completed and shall take effect on October 24 as the Australian Foreign Investment Review Board (FIRB) has recently approved the acquisition.”
“The company has been informed by the Australian Foreign Investment Review Board that it has no objection to the proposed acquisition of Goodman Fielder by the company and First Pacific,” Wilmar said.
“FIRB approval was the last condition remaining to be satisfied before Oceanica Developments Limited (a wholly owned subsidiary of First Pacific) could complete its acquisition of a further 97.78 million Goodman Fielder shares under share purchase agreements with Perpetual Investment Management Limited and Ellerston Capital Limited dated May 15,” it added.
Other than the Australian FIRB approval, First Pacific and Wilmar was required to secure approvals from the Overseas Investment Office in New Zealand, Ministry of Commerce in China, and other government agencies to proceed with the transaction.
With the completion of the transaction, First Pacific and Wilmar will have a combined stake of 19.9 percent in Goodman Fielder — 9.8 percent for First Pacific and 10.1 percent for Wilmar.
First Pacific partnered with Wilmar to acquire Goodman Fielder shares for 0.675 Australian dollars per stock, which will amount to a total of A$1.057 billion in transaction value, or approximately US$994.7 million.
Goodman Fielder is a top food firm in Australia and New Zealand that manufactures, markets and distributes food raw materials and branded food products such as Helga’s, Meadow Lea, Mighty Soft, Pampas, Praise, White Wings and Wonder White.
The Pangilinan-led First Pacific holds several blue chip companies in and outside the country including Indofood Sukses Makmur Tbk, Metro Pacific Investments Corp., Philex Mining Corp., Philippine Long Distance Telephone Company and Roxas Holdings Inc.
Wilmar, on the other hand, is a leading agribusiness firm in Australia and Asia which has business interests in oil palm cultivation and oilseed crushing, edible oils refining and specialty fats, sugar milling and refining, oleochemical, biodiesel and fertilizer manufacturing, and grain processing.