Australia's Bega Cheese Ltd said on Thursday it will sell its 18.8 percent stake in Warrnambool Cheese and Butter Factory Co. Holdings Ltd to Saputo Inc, a major breakthrough for the Canadian company in an extended takeover battle. Saputo, which has been battling local dairy company Murray Goulburn for Warrnambool, will add the Bega stake to its existing holding of 26.4 percent, based on the latest share information available. That would give Saputo a 45.2 percent stake in the company, Australia's oldest dairy maker.
Saputo Inc. produces, markets and distributes an array of dairy products in Canada, the United States, Argentina and Europe, as well as bakery products in Canada. Shares of SAP traded higher by 0.97% or $0.49/share to $50.94. In the past year, the shares have traded as low as $46.01 and as high as $54.62. On average, 281414 shares of SAP.TO exchange hands on a given day and today's volume is recorded at 186297.
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