US-based commodities giant Cargill Inc is planning to acquire Goodman Fielder's edible fats and oils business, just two years after the Australian regulator had rejected the deal.
Cargill had not made public its new approach, but the Australian Competition and Consumer Commission (ACCC) today said on its web site, ''Cargill Australia Limited is proposing to acquire the edible fats and oils business of Goodman Fielder Limited.''
"The ACCC is considering the proposed acquisition in light of the current competitive environment and any developments in the relevant markets," it said.
In December 2009, Cargill's Australian subsidiary Cargill Australia had agreed to buy Goodman Fielder's Commercial Edible Fats and Oils business for $240 million, in order to expand its manufacturing and supply capabilities in Australia and New Zealand.
The purchase included the commercial business's four fats and oils refining assets located in West Footscray in Melbourne, Murarrie in Brisbane, Bunbury near Perth and East Tamaki in Auckland, New Zealand. The sale also involved a 10-year supply agreement under which Cargill was to supply refined fats and oil products to Goodman Fielder. "
In November 2010, the ACCC rejected the sale as it would lead to a ''significant concentration of refining assets in Australia''. The regulator had said the deal would also remove ''one of only a small number of competing refiners that offer a wide range of fats and oils products.''