Sector News

Decision on Murray Goulburn acquisition deferred until March

February 5, 2018
Food & Drink

The Australian Competition Commission (ACCC) has extended the provisional date for the announcement of the outcome of its review of Saputo’s acquisition of Murray Goulburn from 15 February to 1 March 2018.

The former provisional date was delayed due to the ACCC requiring more time to consider data and other information.

In a statement, Murray Goulburn said: “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. Murray Goulburn will continue to work with the ACCC to assist in its review.”

Murray Goulburn said it still expects the deal to be completed in the first half of 2018.

When the $1 billion deal was announced last October, Murray Goulburn reported a net loss of AUD 370.8 million ($283.5 million) and has total debts of AUD 445 million ($340 million).

For its 2016/17 fiscal year, Murray Goulburn reported net revenue of AUD 2.49 billion ($1.9 billion) – down 10%, which it said was due to a decline in liquid milk sales.

The acquisition will expand Saputo’s presence in Australia after the acquisition of Warrnambool Cheese & Butter in 2014, which Murray Goulburn was also interested in at the time, followed by a deal for Lion Dairy’s remaining stake in Warrnambool last year.

Murray Goulburn has approximately 2,300 employees and operates 11 manufacturing facilities in Australia and China.

Source: FoodBev

comments closed

Related News

September 25, 2022

Coca-Cola names new president of global ventures

Food & Drink

The Coca-Cola Co. has promoted Evguenia (Jeny) Stoichkova to president of global ventures, effective Jan. 1, 2023. Ms. Stoichkova joined Coca-Cola Bulgaria in 2004 and was most recently the president of the company’s Eurasia & Middle East division, a role she has held since 2021.

September 25, 2022

Perfect Day allies with Onego Bio to speed-up launch of animal-free eggs

Food & Drink

US-based Perfect Day, is partnering with Onego Bio, which specializes in creating animal-free eggs, aiming to accelerate the timeline to bring the eggs to the market. The business, with the use of its technology, plans to commercialize animal-free ovalbumin, the most abundant egg white protein extracted through precision fermentation.

September 25, 2022

EU fails on food waste: Report reveals bloc discards more than it imports

Food & Drink

Food waste costs the EU €143 billion per year (US$141.7 billion), with a report by Feedback EU raising the alarm of how it’s vital to reduce waste from farm to fork 50% by 2030 and the only way this will be achieved is by enforcing a mandatory directive forcing the food industry to do better and retailers to pay a tax of food waste.