Saputo reaches 81 per cent WCB stake

SAPUTO has passed another milestone in its acquisition of Warrnambool Cheese and Butter (WCB).

The Canadian processor has increased its holding to 81.4 per cent of the register, placing it in the position where acquisition of the 10 per cent owned by Japanese owned Lion would trigger compulsory sale of the remaining shares and delisting of WCB.

TIMELINE: Warrnambool Cheese and Butter bidding war

Saputo's offer closes tomorrow evening, marking the end of the period when shareholders can accept its offer of $9.40 per share, increasing to $9.60 if it gains more than 90 per cent of the register.

Lion has stated that it has no intention of selling the 10 per cent stake which it bought in the middle of the bidding war to protect its cheese supply agreements with WCB.

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