increase font size
Canadian dairy company Saputo has acquired over 98% of Australian dairy processor Warrnambool Cheese and Butter shares.
Canadian dairy company Saputo is set to take full control of Australian dairy processor Warrnambool Cheese and Butter.
The company has acquired over 98% of WCB shares and will now compulsorily acquire the remaining shares under ASX takeover rules.
Saputo this week raised its offer for WCB by 20c, from A$8.85 to A$9.05/share per share, leading to Lion Dairy selling its 10% stake.
Lion says while it will make a small profit as a result of the sale, its stake was a strategic one intended to protect the business’ broader interests, including longstanding contract arrangements with WCB.
“Since the purchase of the WCB stake in 2013, Lion’s Dairy & Drinks business has made significant progress in its turnaround program, including the sale of everyday cheese assets to WCB in 2015 as part of its tightening focus on core dairy and juice categories.
“Today’s sale to Saputo is therefore a logical step and a positive outcome for Lion. Existing contracts are unaffected by the sale, including Lion’s supply of parmesan cheese to WCB. Lion looks forward to continuing mutually beneficial commercial arrangements with WCB going forward.”
Saputo aims to delist WCB once it has full control.
Saputo emerged as the victor in a three-way race for majority ownership of WCB in 2013-14, but failed to gain the critical 90% for compulsory acquisition.
ANYTHING GOOD for Australia is in the long run good for New Zealand. That’s the reaction of Trade Minister Tim Groser to the news that Australia has signed a free trade agreement with China, and to speculation that their FTA with China is better than NZ’s, especially regarding dairy products.
Dairy farmers in the Australian state of Victoria had a record profitable 2022-23 season, thanks to high milk prices and carefully managed high costs.
OPINION: A mutilation mystery is playing out on a remote Central Queensland property in Australia after a number of cows were found dead in inexplicable circumstances.
A shrinking milk pool in Australia is forcing major processors, including Fonterra, to outbid each other and secure farmer suppliers for the new season.
OPINION: News that the Labour Government is spending taxpayer money to advertise to New Zealanders living in Australia that life is better there now they can get citizenship is appalling.
Eastern Bay of Plenty farmer Rebecca O’Brien was named the 2024 Dairy Women’s Network (DWN) Regional Leader of the Year.
Humbling, overwhelming, and an absolute honour. That’s how 2024 Fonterra Dairy Woman of the Year Katrina Roberts describes her win at the Dairy Women’s Network conference earlier this month.
Hamilton-based Dairy Goat Co-operative (DGC) is revamping its leadership in the hope of recovering from its financial doldrums.
With just over two weeks left in the 2023-24 season, all eyes will be on Fonterra's opening milk price for the new season.
Fonterra Brands' Cathy Lang has been crowned the country's best cheesemaker for the second time in three years.
James and Debbie Stewart of Dairylands in the Manawatū are no strangers to taking home the silverware.
OPINION: Not everyone will agree with former 'Minister of Everything' Stephen Joyce on his summation of Fonterra when writing recently…
OPINION: A plug is overdue for Meat the Need, who is currently fundraising to help supply more meals to families…
