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.
Warrnambool Cheese & Butter Factory Co
Breaking News
New South Wales, Australia-based dairy firm Bega Cheese Ltd will consider stake options after dropping out of the three-way takeover contest for Warrnambool Cheese & Butter Factory Co.
Canada-based milk processor Saputo Inc raised its acquisition offer for Australia-based Warrnambool Cheese & Butter Factory Co to AUD515 million in a three-way bid contest with dairy firms Bega Cheese Ltd and Murray Goulburn Cooperative Co.
An Australian regulator approved the bid of AUD 407 million of Bega Cheese Ltd for the acquisition of Warrnambool Cheese & Butter Factory Co.
Canada-based Saputo's bid of USD 432 million had so far bested all other offers for Warrnambool Cheese & Butter Factory Co.
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