FirstPac a step away from acquiring Goodman

MANILA, Philippines - Hong Kong-based industrial conglomerate First Pacific Co. Ltd., led by business titan Manuel V. Pangilinan, and agribusiness giant Wilmar International Ltd. are now down to one final approval to seal the acquisition of breads and spreads maker Goodman Fielder.

In a filing at The Stock Exchange of Hong Kong, First Pacific said it has secured the approval of Goodman Fielder’s shareholders for the acquisition at a meeting held on Feb. 26.

“At the scheme meeting held in Sydney, Goodman Fielder’s shareholders voted overwhelmingly in favour of the scheme,” First Pacific said.

Goodman Fielder shareholders’ approval leaves First Pacific and Wilmar with one last hurdle – the approval of the acquisition by the Federal Court of Australia.

First Pacific said Goodman Fielder has applied to the Federal Court of Australia for approval at a court hearing scheduled on March 2 this year.

“If the scheme is approved by the Federal Court of Australia, implementation of the scheme is scheduled to occur on March 17, 2015,” First Pacific said.

First Pacific earlier said the implementation of the scheme of arrangement would occur only after all required regulatory approvals have been obtained and all other conditions precedent have been satisfied.

Goodman Fielder is one of the top food companies in Australia and New Zealand.

It manufactures, markets and distributes food ingredients and consumer branded food, beverage and related products through brands Meadow Lea, Praise, White Wings, Pampas, Mighty Soft, Helga’s and Wonder White.

First Pacific is an investment management and holding company for the Salim Group’s business interests, which include a majority stake in Indofood, a leading food-focused company in Indonesia.