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
McCain Foods has completed the acquisition of Irish plant-based frozen food manufacturer Strong Roots. The acquisition follows McCain and Strong Roots’ strategic partnership, which began in 2021 and resulted from a $55 million investment.
Cargill partners with Voyage Foods to scale up alternatives to cocoa-based products to meet consumers’ indulgence needs. The commercial partnership will also provide food manufacturers with nut spreads produced with no nut or dairy allergens used in the recipe formulation.
L’Occitane International owner Reinold Geiger is reportedly close to taking the company private in a deal with Blackstone. The French skin care company’s filing halted trading of its Hong Kong-listed shares this week. This is the second time in months that the Australian billionaire has attempted a buyout.