Business Advice

Murray Goulburn sold for $1.3 billion … Scam costs property buyers $1 million … 7-Eleven pays staff back $150 million

Emma Koehn /

Dairy processor Murray Goulburn has confirmed to the Australian Securities Exchange that it will sell its assets to Canadian cheese producer Saputo for $1.3 billion.

The Australian reports Saputo entered the Australian dairy market in 2014 when it purchased Warnambool Cheese and Butter for $530 million.

The deal for Murray Goulburn, which is subject to approval from the Australian Competition and Consumer Commission, Foreign Investment Review Board (FIRB) and shareholders, will see Saputo buy all the company’s assets, including its brands.

Murray Goulburn unit holders will be paid $1.10 per share, with the deal expected to be completed in the first half of 2018.

Scams cost SA property buyers $1 million

Two property buyers in South Australia have been defrauded close to $1 million after scammers sent fake emails to the clients of conveyancers, asking for money to be wired to their accounts as part of a property settlement, reports the ABC.

The Australian Institute of Conveyancers has confirmed to the ABC the matter has now been referred to the police with questions remaining about how clients’ details were accessed.

A similar scam was uncovered earlier in March, where Perth property buyers say they lost hundreds of thousands after receiving an email they believed was from their settlement agency, instructing them to deposit funds into what was actually a scammer’s account.

Consumers and property agents are warned to remain vigilant when it comes to communications about settlement transfers, and double check any requests in person or verbally.

7-Eleven workers paid out $150 million

Fair Work Ombudsman Natalie James has told a Senate committee that a compliance partnership between her office and convenience store operator 7-Eleven has seen ,600 staff paid entitlements totalling $150 million, after concerns of systematic underpayments across its network emerged in 2015 and 2016.

Inside Retail reports the Ombudsman’s office says it is seeing results after entering the partnership with the franchise operator last year, which included installing CCTV and biometric scanners into 7-Eleven stores to weed out underpayments.

At the time, James said the preventative measures were “the most robust and comprehensive that any franchise brand has in place in Australia”.

Never miss a story: sign up to SmartCompany’s free daily newsletter and find our best stories on TwitterFacebookLinkedIn and Instagram.

Advertisement
Emma Koehn

Emma Koehn is a former senior SmartCompany journalist.

FROM AROUND THE WEB