Wilmar’s proposed acquisition of Goodman Fielder hit with delays

Getting regulatory approval is taking longer than expected.

Mainboard-listed agribusiness firm Wilmar International and Hong Kong-based investment management and holding firm First Pacific’s bid to acquire ASX-listed baking company Goodman Fielder has been hit with delays, Wilmar International revealed today.

The process for obtaining regulatory approval from the Ministry of Commerce in the People’s Republic of China “is likely to take longer than initially anticipated”, Wilmar International revealed in an SGX release today.

“The Company and First Pacific are continuing to progress the required regulatory approvals described in the Company’s 2 July 2014 announcement. Goodman Fielder, the Company and First Pacific will continue to keep the progress of the required regulatory approvals under review. The meeting of shareholders of Goodman Fielder to approve the scheme of arrangement is anticipated to be held in the first quarter of calendar 2015,” stated

The three firms have extended the deal’s long stop date by three months, from the original 31 December 2014 to 31 March 2015.