Saputo has closed its unconditional all-cash takeover offer for Warrnambool Cheese and Butter (WCB) and now holds 87.92% share in the Australian firm.The company stated that going forward it will work closely with WCB's board and management to strengthen the business operations as well as pursue its strategic objectives.
Warrnambool would remain listed on the ASX until it no longer meets criteria for listing.
For the transaction, Rothschild and Rabobank provided financial advisory services, while Maddocks and Stikeman Elliott acted as legal advisers to Saputo.
Since October last year, the Canadian firm was in a three-way battle with Murray Goulburn and Bega Cheese to gain full control of WCB.
Last month, the company increased its holding in WCB to 20.14%, it acquired Bega Cheese's 18.8% stake for about $101m and Murray Goulburn's 17.7% share in Warrnambool.
At the end of January, Saputo raised its WCB holding to around 58%, gaining control of the takeover.
Saputo produces and markets, dairy and bakery products, including a variety of cheeses, such as Italian cheeses, cheddar, and specialty and fine cheeses; dairy products, including fluid milk, flavored milk, evaporated milk. The company operates in two segments, Dairy Products and Grocery Products.
