MONTREAL - Saputo Inc. has pulled further ahead in the marathon race to acquire Australia's oldest dairy processor, coming close to achieving majority ownership of the company.
Bega Cheese Ltd. announced Thursday it will sell its 18.8 per cent stake in Warrnambool Cheese & Butter to Saputo.
That would give Saputo control of 45.2 per cent of Warrnambool, according to the most recent available tally.
Saputo disclosed on Monday that it had voting control over 26.4 per cent of Warrnambool shares. It hasn't commented publicly on Bega's announcement to the Australian Securities Exchange.
Bega said it expects to receive between AU$97.7 million and AU$101 million, depending on the price paid by the Canadian cheese giant.
Montreal-based Saputo has offered at least AU$9 per Warrnambool share, AU$9.20 if it gets more than half of its stock and even more if it gets a larger majority.
