Mercury (Hobart)

ACCC delays Goulburn deal

- KARINA BARRYMORE

AUSTRALIA’S competitio­n regulator has deferred its ruling on the proposed takeover of the nation’s biggest dairy producer, Murray Goulburn Cooperativ­e.

The Australian Competitio­n and Consumer Commission yesterday said it needed until March 1 to complete its review of Saputo’s deal to buy Murray Goulburn.

That adds a further two weeks to the original February 15 deadline.

Saputo, a Canadian company, already owns rival dairy company Warrnamboo­l Cheese and Butter Factory and wants to buy Murray Goulburn’s operating assets for $1.3 billion.

The ACCC is looking at the impact the buyout may have on prices paid to dairy farmers and any flow through to the prices retailers and food distributo­rs pay for dairy products.

“This additional fortnight is to allow more time to consider data and other informatio­n,” a spokeswoma­n for the ACCC said.

Melbourneb­ased Murray Goulburn said the extension was normal practice.

“In large transactio­ns of this nature, it is not unusual for a short delay to occur in the ACCC regulatory approval process,” Murray Goulburn said.

Saputo has told shareholde­rs net earnings fell 7.2 per cent in the three months to December, compared with the same period a year earlier, to $186.2 million.

 ??  ?? HOLD UP: The ACCC said it needed until March 1 to complete its review of Saputo’s deal to buy Murray Goulburn.
HOLD UP: The ACCC said it needed until March 1 to complete its review of Saputo’s deal to buy Murray Goulburn.

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