The Australian Competition and Consumer Commission (ACCC) has today announced that it will not oppose the proposed sale of all of Murray Goulburn's business assets to Canadian dairy giant Saputo.
The ACCC said it had accepted an undertaking provided by Saputo in respect of a divestment plan for the Koroit dairy plant, a plan that has no impact on the terms of the $1.3 billion asset sale.
Last month Saputo lodged the undertaking with the ACCC to divest Koroit to allay the regulator's concerns over competition for raw milk in south-west Victoria and south-east South Australia.
The asset sale still remains subject to the approval of MG’s voting shareholders at an Extraordinary General Meeting tomorrow, and approval by the Foreign Investment Review Board.
MG said it expects the asset sale to be completed on 1 May, assuming these approvals are achieved.
