Saturday, 3 April 2010

North Ryde. Sale opposed by ACCC

Goodman Fielder Limited has expressed its disappointment at the decision by the Australian Competition and Consumer Commission (ACCC) to oppose the sale of its commercial edible fats and oils division to Cargill Australia, which is also a refiner of edible fats and oils and the largest supplier of crude oils to Australian refiners. The ACCC said the acquisition would lead to a substantial reduction in competition in markets for the supply of certain refined oil products, in particular those used by industrial food manufacturers. Goodman Fielder's managing director, Peter Margin, said that if they are unable to find a resolution to the issues put forward by the ACCC, they would retain ownership of the business and proceed to develop and restructure its operations to improve profitability.

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