Australia’s competition regulator has approved Saputo’s $1.3-billion takeover of the country’s largest dairy processor, Murray Goulburn Co-operative.
The deal, which Australia’s largest dairy processor says is key to its survival, was approved after Saputo agreed to sell a milk plant in Victoria state to address concerns from the Australian Competition and Consumer Commission.
“Saputo’s divestiture undertaking has remedied the ACCC’s competition concerns about the Koroit plant,” ACCC chairman Rod Sims said.
Farmers welcome the deal because they wanted certainty after “a bumpy ride with Murray Goulburn,” Sims added.
