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Saputo has new offer for Warrnambool Cheese and Butter

Staff Writer |
Saputo has launched a bid to extend its ownership of Victorian processor Warrnambool Cheese and Butter (WCB).

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Canadian dairy giant Saputo's Australian subsidiary already owns 88.02 percent of WCB, after winning a bidding war against Murray Goulburn in 2014.

In a statement to the Australian Stock Exchange, Saputo said it had received Foreign Investment Review Board (FIRB) approval for the bid, which was conditional on it securing at least 90 percent of shares.

Saputo is offering $8.85 cash for WCB's shares. Prior to trade opening on the ASX, shares in WCB were at $7.09.

Saputo said its offer was almost 25 percent above WCB's current share price and 30 percent above its six-month average.

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