April 19, 2018 / 1:23 AM / 2 years ago

Murray Goulburn CEO to step down after Saputo takeover

FILE PHOTO: The Murray Goulburn manufacturing facilities in Rochester, Australia, May 3, 2017. Picture taken May 3, 2017. AAP/Tracey Nearmy/via REUTERS

(Reuters) - Dairy processor Murray Goulburn Co-operative Ltd (MGC.AX) on Thursday said its CEO Ari Mervis would step down upon the completion of the company’s $1 billion takeover by Canada’s Saputo Inc (SAP.TO).

The company, through its funding vehicle MG Unit Trust, also said that Chief Financial Officer David Mallinson would step down at completion of the takeover which is expected on May 1.

The deal on Wednesday received approval from Australia’s foreign investment regulator, the last of approvals required for it to go through, after Murray shareholders approved the takeover earlier this month.

Reporting by Susan Mathew in Bengaluru; Editing by Himani Sarkar

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