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.