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Murray Goulburn farmers vote in favour of selling to Canadian dairy giant Saputo

Murray Goulburn's  shareholders have voted to sell the company to Canadian dairy company Saputo.

A majority of 98.16 per cent voted for the sale which subject to approval, will see Saputo will take over all the factories, staff and equipment owned by Murray Goulburn.

Murray Goulburn will keep $200 million to pay for legal costs and to cover current legal action being taken against the company and its management for behaviour during the dairy crisis. 

The deal has already received Australian Competition and Consumer Commission approval and subject to approval by the Foreign Investment Review Board,  Saputo will take over on 1 May 2018.

It will be the first time in the history of the Australian dairy industry that the largest company is foreign-owned. 

(From ABC News - 5 April 2018)