And the flipside...

The last four sentences are the most telling with the last sentence being the key and it would seem Deutsche Bank is in the prime seat for any resulting change from that sentence.

One surprise is the claim that MGC is only worth $400m (using their claim of the market cap at $135m and it is worth about three times that) - Phew! Talk about value demolition if that was true.

[EXTRACT]



Parmalat targets Murray Goulburn assets

• BRIDGET CARTER AND SCOTT MURDOCH
• The Australian
• 12:00AM August 17, 2017

It’s early days for Murray Goulburn’s strategic review, but one possibility is a break-up.

Parmalat and others are understood to have asked about MG’s willingness to sell various assets.

The supermarket milk business is most likely in Parmalat’s sights.

Murray Goulburn also has 10 processing plants throughout Australia.

Several of them are in very strategic locations.

Fonterra would be seen as a logical acquirer.

However, some say the New Zealand dairy giant is already oversupplied with processing plants and would not be eager to buy more.

Given Murray Goulburn is Australia’s largest milk processor, any sell-off is likely to be closely scrutinised by the government.

Sources say it could be some time before investment bank Deutsche concludes its strategic review of the company.

Murray Goulburn has a value on the sharemarket of about $135m but an overall value of about three times that.

Deutsche ’s focus remains on Murray Goulburn’s strategy and corporate structure, including the profit-sharing mechanism and capital.