Saputo increases WCB holding

Canadian dairy giant Saputo has again increased its holding in takeover target Warrnambool Cheese and Butter Factory Company Holdings (WCB).

In a statement to the Australian Securities Exchange, Saputo said it had lifted its voting power to 9.6%, up from 4.8%.

Saputo this week said it would increase its offer price to $9.20 cash per WCB share, from $9 per share, if it reached a relevant interest of more than 50% during the offer period.

Rival suitors Murray Goulburn Co-operative and Bega Cheese (BGA) have asked the Takeovers Panel to stop Saputo from acquiring WCB shares on market.