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.
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