Sad end for once-mighty dairy giant
DAIRY processing heavyweight Murray Goulburn Cooperative is to finally fall into foreign hands after shareholders backed a $1.3 billion buyout offer.
Almost 70 years after it was formed by dairy farmers, Murray Goulburn will hand its assets to Canadian titan Saputo within a month.
Amid some sadness over Murray Goulburn’s demise, more than 98 per cent of prox- ies voted in favour of the sale at the shareholders’ meeting in Melbourne yesterday.
Murray Goulburn shareholders appeared resigned to the sale, asking no questions on the resolution seeking their approval.
In October, dairy farmers vented their fury and disappointment at the Murray Goulburn board during the cooperative’s annual meeting.
Yesterday, just one dairy farmer on the floor lamented what had been lost.
“It’s a very sad day. I think most of us here feel that we are attending a wake, ” he said.
Supplier and Murray Goulburn director Craig Dwyer said it was a momentous day, given what the co-operative had meant for many families and communities over its 68 years.
He said Murray Goulburn’s assets and brands were being sold to an ethical, family-oriented business in Saputo.
Murray Goulburn chief Ari Mervis said Saputo had shown itself to be a trusted processor in Australia through its ownership of Warrnambool Cheese and Butter Factory.
Saputo’s takeover still requires approval from the Foreign Investment Review Board but the firm hopes to finalise the acquisition by May 1. AAP