MANILA, Philippines–First Pacific Co. Ltd. and Wilmar International Ltd. have cleared their last regulatory hurdle on a joint $1.3-billion offer to fully acquire Goodman Fielder Ltd., one of Australia’s largest food companies, a stock exchange filing in Hong Kong showed Wednesday.
According to Hong Kong-listed First Pacific, which is led by businessman Manuel V. Pangilinan, consent for the deal has been “granted under the New Zealand Overseas Investment Act.”
First Pacific, which is a major shareholder in Philippine conglomerates like Metro Pacific Investments Corp. and Philippine Long Distance Telephone Co., described the development to be “the final regulatory approval required.”
The next step, it said, is for Goodman Fielder to hold a shareholder meeting on Feb. 26 to consider the arrangement and vote on it.
“Provided that Goodman Fielder’s shareholders approved the scheme, the parties would seek orders from the Federal Court of Australia approving the scheme on 2 March 2015,” First Pacific said in its filing.
Implementation will follow on March 17, the same filing showed.
First Pacific, which also owns one of Indonesia’s biggest food companies, PT Indofood Sukses Makmur Tbk, said the Goodman Fielder deal was part of a broader goal to “create a leading Asia-Pacific agricultural and consumer staples company.”
Goodman Fielder is involved in manufacturing, marketing and distribution of food ingredients and consumer branded food, beverage and related products, including packaged bread and other related goods, biscuits, dairy products, small goods, flour, edible oils and meal components.
The company, whose shares are listed on the Australian and New Zealand bourses, is behind popular brands in Australia like MeadowLea and Vogels.
The deal was part of First Pacific’s aggressive push to expand its regional food presence ahead of the economic integration of Association of Southeast Asian Nations in 2015.