Saputo increases WCB holding

Suitor again lifts voting power in takeover target after MG, Bega try to block bid.

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.

InvestSMART FORUM: Come and meet the team

We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles