Singaporean oilseed processing company Wilmar International is increasing its stake in Australian food company Goodman Fielder via a share purchase deal.
Under the agreement, Wilmar International will pay $180 million for a 50 percent interest in Goodman Fielder holding company, FPW Singapore Holdings, in a transaction with a subsidiary of Oceanica Developments.
Wilmar will also take over $95 million in shareholder credits made by Oceanica to an FPW subsidiary. With the deal, Goodman Fielder expects its performance to significantly improve.
More so, the company could pay Oceanica another $50 million after 2020 if Goodman Fielder meets certain earnings targets.