Australia's Murray Goulburn Co-operative Co Ltd agreed to sell its 17.7 percent stake in Warrnambool Cheese and Butter Factory Co Holdings Ltd to rival bidder Saputo Inc, finally bowing out of the hotly contested bidding battle.Murray Goulburn's capitulation cleared another hurdle for Saputo to take over Warrnambool, which is seen as a platform for the Canadian dairy maker to tap growing demand in Asia for both traditional dairy products and high-tech milk extracts.Eyes are now on Japanese beverage giant Kirin Holdings Co Ltd, which holds a 10 percent stake in Warrnambool through its local unit Lion and has an important cheese making and packaging partnership.A Lion spokesman said the company has no plan to accept Saputo's offer, posing as the last hurdle for the Canadian company to take full control of Warrnambool.
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 0.29% or $0.15/share to $52.69. In the past year, the shares have traded as low as $46.01 and as high as $54.62. On average, 295452 shares of SAP.TO exchange hands on a given day and today's volume is recorded at 517363.
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