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Goodman Fielder shares halted pending announcement

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.

(BusinessDesk)