Goodman Fielder Chairman Steve Gregg
Goodman Fielder Chairman Steve Gregg

Shareholders in Australia’s largest food producer have approved a $1.34 billion takeover by Singapore agribusiness Wilmar and Hong Kong investment firm, First Pacific.

More than 99% of votes cast by Goodman Fielder’s shareholders at a meeting in Sydney were in favour of the transaction. A Federal Court hearing to consider approval of the scheme of arrangement implementing the takeover is scheduled for March 2.

Goodman Fielder shares are expected to trade for the last time on the Australian and New Zealand share markets on March 3.

“While in one respect it will be sad to see the company change from public shareholding to private ownership, I also think it is important to recognise the significant opportunity that can come from this change,” said Chairman Steve Gregg. “Wilmar’s scale and distribution networks, together with First Pacific’s experience and both parties’ financial resources, will provide meaningful scale to Goodman Fielder’s existing operations and allow the company to grow its presence further in the Asia Pacific region.”

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