The Australian Competition and Consumer Commission (ACCC) has extended the provisional date for announcing the outcome of its review into the acquisition of Murray Goulburn by Canadian dairy giant Saputo.
The ACCC's review of Saputo’s acquisition of all MG’s operating assets and operating liabilities was expected to be concluded by 15 February, but has been postponed to 1 March 2018.
According to Murray Goulburn, the delay was due to the ACCC requiring more time to “consider data and other information”.
“In large transactions of this nature, it is not unusual for a short delay to occur in the ACCC regulatory approval process, particularly given the Christmas break,” the dairy company said in a statement.
“Murray Goulburn will continue to work with the ACCC to assist in its review.”
Murray Goulburn’s Koroit facility is geographically close to Saputo’s Allansford plant, and the ACCC would need to look at whether Saputo would be required to divest the Koroit plant if the takeover is approved by shareholders, according to the Weekly Times.
The transaction is still expected to be complete in the first half of this year, Murray Goulburn said.
