Hello, welcome to another MLEX podcast. My name's James Panicki, Mlex's Australasian managing editor, coming to you from Melbourne, Australia.

And I'm Laurel Henning, senior correspondent at

Emlex covering shareholder activism from Brussels and very soon from Sydney. So today we've got

a particularly Australian edition of the podcast. I'll be talking about activist shareholder

Sandon Capital's interest in retailer specialty fashion and the frustrations it's facing there.

While James will be walking us through the hot regulatory topic of the moment,

the controversy over why the penalties imposed in Australia for competition law violations are so

light. Yes, that's right, Laurel. The last few weeks have seen an OECD report which has suggested that

Australian penalties are so light that they may in fact be affecting the law's ability to deter

anti-competitive behaviour, that the fines may be seen simply as the price of doing business in

Australia. And if that's the case, that's clearly highly problematic.

But before we get started on that, a quick update on a big deal we were talking about the last time James and I joined forces on a podcast,

the acquisition of iconic Australian dairy company Murray Gulban by Canada's Saputo.

The news there is that the deal went through. Murray Gulban by Canada's Saputo. The news there is that the deal went through.

Murray Gulban will soon cease to operate. Yes, that's right, although it will remain as an entity

with many millions of dollars to its name, given that the company is facing a number of lawsuits.

These are lawsuits that are totally unrelated to the takeover, but are linked

to the company's relationship with its suppliers. There could be damages awarded against

Murray-Goldwyn, which is why Saputo can't wind things up completely just yet. But so, as I

mentioned last time we spoke, this acquisition is in fact a big deal in Australian terms.

It's worth around 1 billion US dollars. It will see the Canadians solidify their position in the

Australian dairy market. They'll become the largest player here. The Australian Competition and

...