Goodman Fielder edges closer to deal for commercial fats and oils business

Posted by Daniel Palmer on 6th October 2009

ASX-listed food manufacturer Goodman Fielder has this afternoon given an update on progress of the divestment of their commercial fats and oils business.

The firm announced plans to sell the business earlier this year in the wake of a strategic review so that they could focus more heavily on their consumer brands, and has since sounded out offers from interested parties.

“The company has undertaken a sale process, receiving a number of offers for the business,” they advised in a statement. “Goodman Fielder is currently in negotiations with regard to the proposed sale of the business.”

“These negotiations are continuing and a further statement on the future of the business will be made prior to the November 2009 Annual General Meeting.”

Rumours have previously suggested that Cargill and Dubai-based IFFCO would be two likely bidders for the $250m-$400m business.