Shortlist created for Goodman Fielder’s fats and oils business but process to take months: report

Posted by Daniel Palmer on 25th June 2009

A list of potential bidders for Goodman Fielder’s commercial fats and oils business has been created by their adviser Citigroup (C), with Dubai-based IFFCO considered a lead contender, according to a report in today’s Australian Financial Review.

Goodman announced a sale of the underperforming business last month as part of a change in strategic direction that will see a greater focus on consumer brands. The firm is hoping for between $300 million and $400 million from the sale.

A spokesman for Goodman Fielder told AFR that their had now drawn up a list, with “several strongly interested parties,” but declined to identify the bidders.

Beyond IFFCO, which has recently become a major stakeholder in the Australian Agriculture Company and has a stated goal to operate one of the top two fats and oils businesses in the world, the bidders are largely unknown, although there has previously been speculation that Cargill could be interested.

A decision on a winning bidder is likely to take months.