CDPQ increases stake in Saputo with $378M share purchase
The Caisse de dépôt et placement du Québec has increased its stake in dairy company Saputo Inc. Caisse president and CEO Charles Emond speaks during a press conference regarding results in Montreal, Wednesday, August 14, 2024. THE CANADIAN PRESS/Graham Hughes
The Caisse de depot et placement du Quebec has increased its stake in dairy company Saputo Inc.
The Quebec investment manager says it has acquired 13.5 million shares at a price of $27.96 per share for a total of about $378 million.
CDPQ now owns 19,152,378 common shares of Saputo for a 4.51 per cent stake.
It acquired the shares as part of a sale of 40 million shares of the company by Francesco Saputo for general estate and succession planning.
A wholly-owned subsidiary of Jolina Capital Inc., Lino Saputo and other members of the Saputo family acquired the other 26.5 million shares.
Francesco Saputo still holds 2.5 million Saputo shares.
This report by The Canadian Press was first published Sept. 30, 2024.
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