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View all search resultsSalim, Wilmar to acquire Aussie bread firm
Indonesian conglomerates Salim Group, through First Pacific, and Wilmar International Ltd are set to acquire Australia's largest bread-maker, Goodman Fielder Ltd
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ndonesian conglomerates Salim Group, through First Pacific, and Wilmar International Ltd are set to acquire Australia's largest bread-maker, Goodman Fielder Ltd., with a total investment of US$1.37 billion.
John Ryan, First Pacific's executive vice president group corporate communications, said that both parties were conducting due diligence.
"The transaction is expected to be completed in the first quarter of 2015," Ryan said as quoted by kompas.com on Wednesday.
Wilmar is not a new shareholder in Goodman Fielder as it already owns 10 percent of the company.
However, Wilmar will increase its shares in the New South Wales-based firm.
After the firm is fully acquired, First Pacific and Wilmar will each own 50 percent of it, he said.
"It is a good company, but it is experiencing tough times and we see it as an opportunity," he added.
He voiced optimism that Wilmar and First Pacific would grow further as they had strong networks not only in Indonesia but also in Malaysia and China. (nfo)
