Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.Launch Radio player
Shares in Goodman Fielder [NZX: GFF] have been halted pending a material announcement from the food ingredients maker
No further information was provided by Sydney-based Goodman, whose shares last traded at 72 cents in New Zealand and 68 Australian cents in Australia.
Last month, the board of Goodman Fielder agreed to a A$1.37 billion takeover bid by Singapore-based Wilmar International and Hong Kong-listed investment firm First Pacific Co. Wilmar, the world’s biggest palm oil processor, and First Pacific will pay 70 Australian cents a share to take over the Australasian food ingredients maker, sweetening an earlier bid of 65 cents a share.
In February, Goodman Fielder forecast normalised annual earnings to be “broadly in line” with the previous year’s A$185.6 million as soaring milk prices and intense competition in baking goods eroded profitability.
The maker of household brands including Vogel’s bread, Meadowfresh milk and yoghurt, and Meadowlea butter and margarine has been cost cutting, restructuring and divesting over the past three years, to focus on its core brands and reduce debt.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Dollar heads for 1.7% weekly decline after Reserve Bank rules out rate rises
- Lubricant deal slips away as Commerce Commission nixes merger
- Rodney Hide is wrong on climate change
- 'I guess I'm back to piracy' — Auckland man as HBO NOW follows through on cut-off threat
- The Moxie Sessions: Will the last person out of Ohura please turn out the lights (but for the love of God don’t unplug the navigation beacon)