date:Jan 20, 2014
Australian dairy cooperative Bega Cheese plans to sell its 18.8% share in Warrnambool Cheese and Butter (WCB) to Canadian dairy firm Saputo.
Bega will receive between $94.7m to $101m, based on Saputo's relevant interest at the close of its offer for WCB on 22 January 2014.
The acquired stake will add to Saputo's existing WCB share of 26.4%, bringing its total holding in Australian firm to 45.2%.
The sale offers Bega with substantial profit of up to $68.2m and ends its strategic relationship w