Merger predicted for two giants
Ranks Hovis McDougall, which steamed through the initial target in its bid for Goodman Fielder Wattie, has withdrawn its market stand, but is intent on gaining control of the Australasian group. The deputy managing director of RHM, Mr Tim Howden, in Wellington to discuss the bid with institutional fund managers, said his company was now awaiting statutory approvals before mailing out its offer to buy at least 50 per cent of Goodman. Meanwhile, the chairman of GFW, Mr Pat Goodman welcomed Ranks admission that a merger would benefit both companies. He said he was prepared to discuss a merger proposal. Mr Goodman said he had a “meaningful discussion” with Ranks’ chairman, Sir Peter Reynolds, last night and there was a prospect that the two companies could merge, but only on Goodman’s terms.
Mr Goodman said he would be contacting Ranks executives again within the next week or two to talk through some sort of a compromise.
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Press, 28 April 1989, Page 19
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161Merger predicted for two giants Press, 28 April 1989, Page 19
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