Bega to sell WCB stake to Saputo

DataRoom: Canadian suitor will have more than 45 per cent shareholding in takeover target with Bega’s stake.

Bega Cheese (BGA) has decided to sell its 18.8 per cent stake in Warrnambool Cheese and Butter Factory Ltd to Saputo Inc, putting the Canadian company on the cusp of taking control of the Victorian dairy producer with a stake of about 45%.

The New South Wales cheese maker’s decision to sell its 10,519,881 Warrnambool shares to Saputo at $9 a share will enable Bega to make an initial profit of about $66 million.

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