Newspaper article The Canadian Press

Saputo Poised to Gain Full Control of Australia's Warrnambool Dairy

Newspaper article The Canadian Press

Saputo Poised to Gain Full Control of Australia's Warrnambool Dairy

Article excerpt

Lion agrees to sell stake in Australian dairy

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MONTREAL - Canadian dairy giant Saputo Inc. is poised to gain full ownership of Warrnambool Cheese and Butter Factory Co. after Lion Dairy and Drinks accepted a sweetened offer to sell its minority stake in the Australian cheese and dairy producer.

Lion, a subsidiary of Japanese beverage firm Kirin, said Wednesday it formally accepted Saputo's improved offer of A$9.05 per share cash (C$9.17 at current exchange rates) for each of the remaining shares. Saputo took control of the company in 2014 after a hard-fought takeover battle.

Lion said it will make a small profit on the sale of its 10.2 per cent stake acquired in 2013. The company sold its cheese assets to Warrnambool in 2015 as part of its focus on core dairy and juice categories. …

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