Canadian dairy giant Saputo has again boosted its share in Warrnambool Cheese & Butter Factory Co
(ASX:WCB).
Saputo’s voting power in Warrnambool is now 47.85 per cent, up from 46.17 per cent.
The latest shareholding boost has reportedly given Saputo confidence it will secure a majority shareholding in WCB by tomorrow evening, when its takeover offer closes.
If Saputo can secure a Warrnambool stake of greater than 50 per cent by 7pm Australian Eastern Daylight Time tomorrow, its takeover offer will be extended by another two weeks.
The latest share increase comes after Bega's move last week to sell its 18.8 per cent stake.
Warrnambool Cheese & Butter Factory generated a net profit of $7.5 million in fiscal 2013.
