Saputo Increases Ownership in Australian Dairy Firm

By Farms.com Staff

Saputo Inc., a Canadian dairy giant bought more shares in Australia’s oldest and fifth largest dairy processor, Warrnambool Cheese & Butter Factory Holdings Co.

Montreal-based Saputo bought Warrnambool’s shares after its rival, Bega Cheese Ltd. agreed to sell its 18.8 percent stake, making Saputo own 45.2 percent of the company.

Saputo has offered AU$9.40 per share if it gets 75 percent of Warrnambool and $9.60 per share if it gets 90 per cent. The offer is said to expire Jan. 22.