Sector News

Saputo launches takeover bid for dairy processor Warrnambool Cheese and Butter

February 3, 2017
Food & Drink

Canadian dairy giant Saputo has launched a bid to extend its ownership of Victorian processor Warrnambool Cheese and Butter (WCB).

Saputo’s Australian subsidiary already owns 88.02 per cent of WCB, after winning a bidding war against Murray Goulburn in 2014.

In a statement to the Australian Stock Exchange, Saputo said it had received Foreign Investment Review Board (FIRB) approval for the bid, which was conditional on it securing at least 90 per cent of shares.

Saputo is offering $8.85 cash for WCB’s shares. Prior to trade opening on the ASX, shares in WCB were at $7.09.

Saputo said its offer was almost 25 per cent above WCB’s current share price and 30 per cent above its six-month average.

The offer will remain open until the end of March unless the company extends it.

A spokeswoman for Saputo chief executive and vice chairman of the board, Lino Saputo Jr, said he was “unavailable for comment at this time”.

WCB is Australia’s oldest dairy processor, having opened in 1888.

When Saputo purchased WCB in 2014, beverage company Lion refused to sell its 10 per cent stake in the company.

The ABC contacted WCB for comment but referred the request to Saputo. Lion also declined to comment.

By Brett Worthington

Source: ABC

comments closed

Related News

January 29, 2023

Danone appoints three new deputy CEOs

Food & Drink

Danone has appointed three deputy CEOs to “better connect categories and regions” and drive the delivery of its ‘Renew Danone’ strategy. The new appointees are Veronique Penchienati-Bosetta, Shane Grant and Juergen Esser. They will report to Danone CEO Antoine de Saint-Affrique.

January 29, 2023

PepsiCo Portugal invests €7.5m in biodigester

Food & Drink

PepsiCo Portugal has announced that it will invest €7.5 million to construct a new biodigester, which will turn organic waste into biogas. As well as helping its Carregado facility to achieve a 30% reduction in carbon emissions, the biodigester will also contribute to reducing gas consumption, allowing the installation to use the biogas produced during the anaerobic digestion process.

January 29, 2023

Kerry’s fellowship with Upcycled Food Foundation explores future of food waste prevention

Food & Drink

Kerry is sponsoring The Kerry Upcycled Food Foundation Fellowship in a new partnership with the Upcycled Food Foundation (UFF), the non-profit subsidiary of the Upcycled Food Association (UFA). The research fellowship is the second initiated by the UFF and will work toward advancing the understanding of the market, consumer perception and technical opportunities of upcycled food.

How can we help you?

We're easy to reach