ACCC delays Goulburn deal
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.