Murray Goulburn sale clears final hurdle

27/08/2018 Posted by admin

Murray Goulburn’s Koroit factory. Picture: Rob GunstoneThe sale offormer leading dairy processor Murray Goulburn (MG) to Canadian dairy giant has cleared its final hurdle with the Foreign Investment Review Board (FIRB) approvingthe acquisition.

MG spokesman said Saputo had advised it on Wednesday of the FIRB’s decision.

MG said it expected to complete the $1.3 billion sale of the cooperative to Saputo byMay 1, this year.

It said the initial distribution of 80c a share from the sale to shareholders and unitholders will take place on May 15.

The date on which MG will record those on its list of shareholders and unitholders in the MG Unit Trust, and who will receive the 80c a share or unit,has been set at April 23.

Under the terms of the sale, Saputo has agreed to divest itself of MG’s Koroit plant to counterconcerns from the Australian Competition and Consumer Commision that it would have too much control of the regional milk market if it kept the plant.

Saputo already owns the Warrnambool Cheese and Butter factory at Allansford.

The Weekly Times has quoted a Saputo spokesman as saying the Canadian company hopes to sell the Koroit plant by the end of June.

The report said at least two Australian companies had already had talks with Saputoto express their interest in the Koroit plant.

Warrnambool Standard

Comments are closed.