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Canada's Saputo on verge of taking over Warrnambool Cheese & Butter

Guardian Thursday 16th January, 2014

Canadian company Saputo is on the verge of winning Australia’s long-running dairy takeover battle after its rival Bega Cheese agreed to sell its 18.8% stake in Warrnambool Cheese & Butter. The $9-a-share deal will give Saputo around 45% of WCB, just short of the 50% it needs to take control of the Victorian dairy producer. Bega kicked off the fight for WCB in September but pulled out after the entry of Saputo, one of the world’s largest dairy processors, and Australian rival Murray Goulburn pushed the bidding higher. Murray Goulburn still has its offer of $9.50 a share on th...


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