Saputo sells major asset after $1.3 billion takeover in Australia

Saputo Inc. has sold one of its major production plants in Australia to local rival Bega Cheese for $244 million.
The sale of the Koroit plant in the state of Victoria was a condition set by Australia’s competition regulators in April when it approved Saputo’s $1.3-billion takeover of the Murray Goulburn Co-operative — making the Quebec-based company the largest dairy processor in Australia.
With the Koroit plant in its arsenal, Saputo would have controlled more than two thirds