2 Apr 2010

Goodman rethinks after fats/oils sale blocked

7:07 pm on 2 April 2010

Goodman Fielder may overhaul its edible fats and oils business, now that its sale to an Australian rival has been blocked.

Shares in the food company fell 8c to $1.87 on Thursday after the Australian Competition and Consumer Commission (ACCC) announced its opposition to the $300m acquisition by Cargill Australia.

The ACCC said it believed the deal would make the fats and oils market less competitive.

Goodman Fielder's managing director, Peter Margin, says that he's disappointed but that the company will restructure the business in order to improve its profitability if the sale does not eventuate.