DataRoom AM: Bega backdown

Bega backs away from its WCB bid clearing the path for Canadian suitor Saputo, while Dexus Property Group lands CBA’s offices contract.

The company that started the bidding war for Warrnambool Cheese & Butter, Bega Cheese, has decided to drift calmly off into the sunset, leaving Murray Goulburn and Saputo to duke it out to the bitter end. While Bega may no longer be pursuing its bid, it could still have a major say on proceedings, offering the potential to push Saputo toward what has long appeared an elusive majority stake.

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