The Australian Competition and Consumer Commission has confirmed today that it would not oppose a proposal between Goodman Fielder and Bunge, a general outline of which it considered.

ACCC Chairman, Professor Allan Fels, confirmed that Goodman Fielder and Bunge have put a new proposal to the Commission and that the ACCC considers, in principle, that it does not appear likely to substantially lessen competition.

"Therefore, the ACCC will not object under Section 50 of the Trade Practices Act", he said.

"I understand details of the proposal will be made public by Goodman Fielder and Bunge in due course.

"The Chief Executive of Goodman Fielder, Mr David Hearne, and Bunge have acted most decisively in taking account of the concerns the Commission had had with an earlier joint venture proposal."