Canada-based Saputo Inc is closer to its takeover attempt of Australia's Warrnambool Cheese & Butter Factory Co as Bega Cheese Ltd said it had agreed to sell its holding to Saputo, Bloomberg reported.
Bega Cheese
Canada-based dairy firm Saputo Inc has again increased its stake in its takeover target, Australia-based dairy supplier Warrnambool Cheese and Butter Factory Ltd, from 20.141% yesterday to 21.392%.
China Investment Corporation, an investment fund owned by the Chinese government, is backing a Chinese food company that is considering bidding for Australia's Warrnambool Cheese and Butter Holdings Co, the Business Spectator reported on Friday, without citing any sources or naming the company.
Australia-based dairy firm Bega Cheese's offered to merge with Murray Goulburn to to preserve the Australian ownership of Warrnambool Cheese and Butter (WCB), amid a three-way bidding contest with Saputo for WCB.
Fonterra purchased 6% shareholdings in Bega, which in turn upped the ante for its own bid for Warrnambool Cheese and Butter.
A rise in acquisitions in Australian and New Zealand farms and assets had been seen recently.
Subscribe to VCpost newsletter
Most Popular
- American Millionaire Charged in Brutal Murders of Canadian Tycoon and His Partner in Dominica Denied Bail
- SSDI Payment April 2024: Who Will Receive Social Security Benefits Today?
- Where's My Child Tax Credit 2024: When to Receive My Money After April 15 Tax Filing Deadline?
- Tesla Spends $200,000 in Promoting Elon Musk's Social Media Platform X Following Mention of 'Minimal Advertising Efforts'
- Michigan Family Sues Wendy's for $20 Million After 11-Year-Old Girl Suffered Deadly E.Coli Infection
- Brazilian Woman Wheels Her Dead Uncle Into the Bank to Withdraw Loan in His Name
- Australian Farmer Prepares Grave of 3,000 Sheep After Failing to Find Buyer
- Innocent Female Uber Driver, 61, Shot Dead by 81-Year-Old Ohio Man Who Was Targeted by Scammers