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 statement released to the media quoting its partner’s disclosure to the SSE, First Pacific said the Goodman Fielder acquisition has been completed and will take effect on October 24. It said the acquisition was approved by the Australian Foreign Investment Review Board (FIRB).
First Pacific said that Wilmar has been informed by the Australian FIRB that “it has no objection to the proposed acquisition of Goodman Fielder by Wilmar and First Pacific.”
The FIRB approval was the last condition to be satisfied before Oceanica Development 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, according to First Pacific.
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 or approximately US$994.7 million.
Goodman Fielder is a top food firm in Australia and New Zealand that manufactures, markets and distributes branded food products and food raw materials. The company’s products include such brands as Helga’s, Meadow Lea, Mighty Soft, Pampas, Praise, White Wings and Wonder White.
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 that has business interests in palm oil cultivation and oilseed crushing, edible oils refining and specialty fats, sugar milling and refining, oleochemical, biodiesel and fertilizer manufacturing, and grain processing.