Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Goodman Fielder shares halted on possible ownership change

Goodman Fielder shares halted to mull ‘potential change of control transaction’

By Paul McBeth

May 15 (BusinessDesk) - Shares in Goodman Fielder have been halted while the food ingredients maker contemplates a takeover offer, just over a fortnight after receiving a A$1.27 billion bid led by the world’s largest palm oil processor, Singapore-based Wilmar International.

The Sydney-based Goodman requested its NZX and ASX-listed shares be halted “in relation to information received by the company in respect of a potential change of control transaction which is under consideration,” it said in a statement to the ASX. The shares closed unchanged at 73 cents on the NZX, and were down 0.4 percent to 67.2 Australian cents on the ASX before the halt.

The notice comes two weeks after Wilmar teamed up with Hong Kong-listed investor First Pacific Co to make an 65 Australian per share offer for the Australasian food ingredients maker, which the board rejected as opportunistic and materially undervaluing the firm.

Wilmar bought a 10 percent stake in Goodman in 2012, and registered interest in the food ingredients maker’s assets which were up for sale at the time.

In February, Goodman forecast normalised annual earnings to be “broadly in line” with the previous year’s A$185.6 million as soaring milk prices and intense competition in baking goods eroded profitability.

The maker of household brands including Vogel’s bread, Meadowfresh milk and yoghurt, and Meadowlea butter and margarine has been cost cutting, restructuring and divesting over the past three years, to focus on its core brands and reduce debt.

(BusinessDesk)


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news