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Goodman Fielder scotches media reports of approach from Wilmar

Thursday 16th August 2012

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Goodman Fielder, the food ingredients manufacturer whose brands include Edmonds baking products and Vogel's bread, has scotched media reports it has received an offer from the world's largest palm oil processor, Wilmar International.

Earlier this week Singapore-based Wilmar, which has a 10 percent stake in Goodman, said it was open to selling its stake in the Sydney-based company. The food ingredients manufacture previously rejected an offer by Wilmar to increase its stake in the company as too low.

"As reiterated at the company's financial results this week, Goodman Fielder remains committed to the execution of its strategic plan which the company believes has the capacity to create significant value for shareholders," it said in a statement.

Separately this week Goodman said it had received a number of offers for its fats and oils business, Integro. It has entered into a period of exclusivity with the bidder to finalise the transaction by the end of August.

The company is also progressing with the divestment of its NZ Milling business and remains in discussions with a number of interested parties.

On Tuesday, Goodman's posted a narrower full-year loss as it presses on with asset sales and rationalises its line-up of businesses in a subdued Australasian market. The annual loss of A$146.9 million was down from a loss of A$166.7 million a year earlier.

The shares fell 6.9 percent to 68 cents.

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