Saputo takeover of MG complete

By Country News

The acquisition of dairy processor Murray Goulburn, by Saputo, is now complete.

Saputo chief executive officer Lino Saputo Jnr said it was a major milestone for the company.

"We are also welcoming over 1900 new employees to Saputo. We are thrilled to add their expertise to ours, and we will work together to leverage best practices and grow our business."

In a letter to suppliers, Murray Goulburn chairman John Sparks said the co-operative will operate with a reduced board and shareholders will expect to receive an initial distribution of $0.80 per share/unit as a capital return from the transaction on May 15.