Wilmar International Ltd and First Pacific Co have raised their takeover bid for Australia’s largest producer of baked goods and dairy products, Goodman Fielder to A$1.4 billion from A$1.27 billion. Wilmar had initially approached Goodman Fielder in February 2012 with a takeover offer but the two parties could not agree upon a price. Rising incomes in Asia have driven interest in acquiring agribusinesses and food related businesses in Australia which is the world’s fourth biggest wheat exporter and the world’s third largest shipper of beef. Over the past five years there have been $12 billion worth of deals announced in Australia’s food and agricultural sector including the latest offer by Wilmar and First Pacific for Goodman Fielder. The two companies have stated that they will not further increase their offer in the absence of a competing proposal.
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