China has given the go ahead for a takeover of Australia's Goodman Fielder

Photo: David Ramos/Getty Images

The Anti-Monopoly Bureau in China has approved the $1.3 billion takeover of Goodman Fielder by Singaporean agribusiness Wilmar International Limited and the Hong Kong-based investment group First Pacific.

Goodman Fielder, the maker of Helgas and Wonder White bread, says approval from the Overseas Investment Office in New Zealand is the last remaining regulatory approval.

In Australia, the Foreign Investment Review Board has said it doesn’t object.

Shareholders will vote on the 67.5 cents a share offer later this month. Its shares last traded at 64 cents.

Goodman Fielder reported revenue down 6% to $1.066 billion for the six months to December. Net profit was $28.6 million compared to a $64.8 million loss.

The company’s brands include Meadow Lea, Praise, White Wings, Pampas, Mighty Soft, Vogel’s (under licence) and Meadow Fresh.

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