April 4 (Reuters) - Australia's competition regulator on Wednesday approved a planned $1 billion takeover of the country's largest dairy processor, Murray Goulburn Co-operative MGC.AX , by Canada's Saputo Inc SAP.TO .
The deal, which Australia's largest dairy processor says is key to its survival, was passed after Saputo agreed to sell Koroit milk plant in Victoria state to address concerns from the Australian Competition and Consumer Commission .
"Saputo's divestiture undertaking has remedied the ACCC's competition concerns about the Koroit plant," ACCC Chairman Rod Sims said.