Wilmar clinches Australian regulator's approval for Goodman Fielder acquisition

The takeover’s long stop date has already been extended.

Wilmar International and First Pacific Company today revealed that they have received regulatory approval from the Australian Competition and Consumer Commission regarding its proposed takeover of Goodman Fielder Limited.

This comes after Wilmar announced earlier this month that its takeover move has hit a snag, as “the process for obtaining the regulatory approval from the Ministry of Commerce in the People’s Republic of China is likely to take longer than initially anticipated.”

Wilmar has also previously extended the deal’s long stop date from 31 December 2014 to 31 March 2015.

“The Company’s announcement dated 2 July 2014 envisaged that implementation of the scheme of arrangement would occur after all required regulatory approvals have been obtained and all other conditions precedent have been satisfied. The Company and First Pacific are continuing to progress the other required regulatory approvals described in the Company’s 2 July 2014 announcement,” Wilmar noted today in a release to the SGX.