Saputo to take remaining share of WCB
Canadian dairy company, Saputo, will be acquiring the remaining share in Warrnambool Cheese and Butter (WCB) it does not already own.
Other existing shareholder, Lion, refused to sell its 10 per cent share in WCB in 2014.
At the time, it was speculated by some analysts that Lion did not sell its share in WCB as it would have likely wanted to preserve its working relationship with the business. WCB was manufacturing a number of dairy products for Lion in 2014, but Lion has since sold some of these brands to WCB.
Saputo says it is offering AUD 8.85 per share and will only proceed with the share acquisition if it can get at least 90 per cent of shares.
The Australian Foreign Investment Review Board has already approved Saputo’s offer.
- Lion to hold onto WCB shares, Murray Goulburn to sell its WCB shares to Saputo
- WCBto acquire Lion’s cheese business
- Saputo takeover of WCB looks likely as Bega announces it will sell WCB shares to Saputo
- WCB directors recommend shareholders reject Bega buy-out offer