ACCC blocks GFF fats sale
March 31, 2010
The Australian Competition and Consumer Commission (ACCC) this afternoon said that it would oppose Goodman Fielder Limited's (GFF) sale of its edible fats and oils business to Cargill Australia. The $240 million sale to Cargill was first proposed in December 2009 following a May 2009 that it was looking for a buyer following its decision to streamline the business and focus on consumer brands.
"The ACCC investigation found that the proposed acquisition of the Goodman Fielder assets by Cargill would lead to a significant concentration of refining assets in
"The ACCC investigation found that the proposed acquisition of the Goodman Fielder assets by Cargill would lead to a significant concentration of refining assets in
Australia and remove one of only a small number of competing refiners that offer a wide range of fats and oils products," ACCC chairman Graeme Samuel said today.
Goodman Fielder shares lost 4c, or 2.7% to $1.44 immediately following the announcement.
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