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Business deals

Devondale dairy moves closer to sale after faltering in China

Murray Goulburn shareholders clear sale to Canada's Saputo over Yili and Kirin

A supermarket in Sydney. Murray Goulburn's Devondale brand of milk is popular in Australia.   © Reuters

SYDNEY -- Shareholders of Murray Goulburn Co-operative have approved a proposal to sell the company to Canadian competitor Saputo after missteps in China caused losses for Australia's largest dairy processor.

Murray Goulburn, which is owned by the dairy farmers who supply its milk, said 98% of votes were cast in favor of the 1.31 billion Australian dollar ($1.01 billion) deal at an extraordinary shareholders meeting Thursday. Australia's Foreign Investment Review Board will examine the proposal.

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