April 3, 2018 / 11:43 PM / 2 years ago

Australian regulator clears Saputo's $1 bln takeover of Murray Goulburn

April 4 (Reuters) - Australia’s competition regulator on Wednesday approved a planned $1 billion takeover of the country’s largest dairy processor, Murray Goulburn Co-operative , by Canada’s Saputo Inc.

The deal, which Australia’s largest dairy processor says is key to its survival, was passed after Saputo agreed to sell Koroit milk plant in Victoria state to address concerns from the Australian Competition and Consumer Commission . “Saputo’s divestiture undertaking has remedied the ACCC’s competition concerns about the Koroit plant,” ACCC Chairman Rod Sims said.

Reporting by Aditya Soni in Bengaluru; Editing by Sandra Maler

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