Saputo's WCB stake jumps

Canadian giant reports substantial lift in voting power, offer consideration rises.

Canadian dairy giant Saputo has reported a substantial lift in voting power in Warrnambool Cheese and Butter Factory Company Holdings (WCB), taking it past the 75% level and increasing the suitor's offer consideration.

In a statement to the Australian Securities Exchange, Saputo said its voting power in WCB had lifted to 77.1%, up from 58.8 per cent.

As Saputo has attained a holding of more than 75%, its takeover bid will rise to $9.40 per share or $526.1 million.

The offer period will also be extended to 1900 AEDT on February 12 as a result of Saputo reaching the 75% threshold.

If Saputo reaches a 90% holding, its offer will rise to $9.60 per share or $537.3 million.

When Saputo's voting power passed the 50% takeover threshold this month, its consideration increased from $9 per share to $9.20 per share, valuing the offer at $514.9 million.

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