Goodman Fielder receives bid from Burns Philp

"The bid is unsolicited. Goodman Fielder advises that shareholders do nothing at this stage, pending further developments and communication from your directors," the company said in a statement.

Shares in both Goodman Fielder and Burns Philp were earlier put on a trading halt in New Zealand pending an announcement.

Shares in Goodman Fielder last traded in New Zealand on December 11 at $NZ1.65 and in Australia at $A1.49 ($NZ1.67).

Burns Philp shares last traded at A54 cents.

Australian press speculated on Friday that New Zealand food magnate Mr Hart had launched an $A260 million partial raid the food group through broker Credit Suisse First Boston.

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