Goodman Fielder, Cargill: terminate edible oil deal

Sydney / AU. (gfl) Goodman Fielder Limited has received confirmation from the Australian Competition and Consumer Commission (ACCC) that, notwithstanding further submissions received in relation to the proposed acquisition of Goodman Fielder´s edible fats and oils business by Cargill Australia Limited, the ACCC intends to continue to oppose the transaction. As such, Cargill and Goodman Fielder have now agreed to formally terminate the sale agreement entered into in December 2009. As announced by Goodman Fielder in March the company had anticipated this decision and has proceeded to develop and substantially restructure the business to maximise profitability. Considerable progress has already been made on refocussing and repositioning the business and further details will be provided at the company´s Annual General Meeting on 25 November 2010.

About the deal: The 240 million AUD agreement 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. Both companys, Goodman Fielder and Cargill Australia, had announced the deal in December 2009.
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