First Pacific-backed Indofood, an Indonesia-based company primarily engaged in food processing, agreed to acquire Pinehill, a producer of instant noodles, for $3bn. “This proposed acquisition represents a golden opportunity to build on ICBP’s success by expanding into Pinehill’s fast growing and profitable new markets. ICBP already supplies certain key ingredients to Pinehill and knows its business well through their years-long technical support to Pinehill factories,” Manuel V. Pangilinan, First Pacific Managing Director and Chief Executive Officer.