Burns Philp acquires Goodman Fielder
April 01, 2003
by Emily Buckley
SYDNEY, AUSTRALIA — Burns, Philp & Co. Ltd. has taken control of Goodman Fielder Ltd., placing four members on the company’s seven-member board of directors. In recommending that shareholders accept a hostile takeover bid by Burns Philp, Goodman Fielder said that the baker’s yeast and bakery ingredients company would gain majority representation on its board. At time of press, Burns Philp owned a two-thirds stake in Goodman Fielder.
Burns Philp named Alan McGregor, one of its senior directors, as chairman of the Goodman Fielder board. He was joined by Graeme Hart, deputy chairman and controlling shareholder of Burns Philp; Tom Degnan, chief executive and managing director of Burns Philp; and Mark Burrows, another member of the Burns Philp board. Continuing on the Goodman Fielder board are Keith Barton, its former chairman; Tom Park, chief executive and managing director; and Sir Ross Buckland, a non-executive director.
Goodman Fielder is a large baker in Australia and New Zealand. In addition to baked goods, it produces cereals, edible oils, pasta, cake mixes and food ingredients.