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Australia: Cheese buyout bidding heats up

 |  November 18, 2013

As rivals issue competing bids for Warrnambool Cheese & Butter Factory Co., reports say the company has advised its shareholders to accept an offer from Saputo over rival Murray Goulburn Co-operative.

Bids for Australia’s oldest dairy producer hit more than $470 million, a revised bid from Saputo that Warrnambool accepted over Murray Goulburn’s, which the company found to carry significant risk.

Saputo’s offer has been cleared by the Australian Treasury, according to reports, though the offer remains subject to approval by the Australian Competition and Consumer Commission and could take up to six months to do so.

Full Content: Montreal Gazette

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