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Murray Goulburn side steps buyout speculation

Dairy co-operative Murray Goulburn has avoided speculation around who will buy it out, saying there is no certainty that any transaction will even eventuate.

Media reports have named Bega Cheese, Chinese dairy company Yili, New Zealand’s Fonterra, Denmark-based international co-op Arla, Chinese group Fuyuan Farming, and Canada’s Saputo (which owns Warrnambool Cheese and Butter) as possible bidders for MG.

A statement from MG read: “MG confirms that it has received a number of confidential, non-binding indicative proposals. These proposals have ranged from the sale of certain assets to whole of company transactions. No offer has been received for the units in MG Unit Trust for $1.20 per unit, as speculated in the media.

“MG and its financial advisor Deutsche Bank AG are engaging with a number of parties to assess their proposals, including valuation. At this point it is too early to make any comment about valuation or implementation. MG notes there is no certainty that any transaction will eventuate.”

Any offers from overseas would be subject to approval by the Foreign Investment Review Board.

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