SINGAPORE (Sep 25): Wilmar International says it welcomes the announcement by the Australian Competition and Consumer Commission that it will not oppose the proposed acquisition of Goodman Fielder by the company and First Pacific.

The Australian consumer watchdog has concluded that there is little possibility of the deal resulting in higher prices for packaged vegetable oil.

In April, Wilmar and First Pacific Company announced its proposal to acquire the entire issued share capital of Goodman Fielder for A$1.9 billion.

Wilmar and Goodman Fielder overlap in the supply of packaged edible oils to Australian retailers.

Goodman Fielder is the largest supplier of branded packaged edible oils to retailers, while Wilmar supplies imported packaged oils, which supermarkets sell under their private labels.

Earlier this month, Goodman Fielder also said the takeover would be delayed by about three months as the deal awaits regulatory clearance from China.

Wilmar is trading down 0.32% at $3.11 as at 10:27 am Singapore time.