Saputo finalises Warrnambool Cheese and Butter takeover

CANADIAN dairy giant Saputo now has full ownership of the 129-year-old milk processor Warrnambool Cheese and Butter.

CANADIAN dairy giant Saputo now has full ownership of the 129-year-old milk processor Warrnambool Cheese and Butter.

The Allansford business will be removed from the Australian Securities Exchange tomorrow, 13 years after it listed.

The move comes as WCB was suspended from trading on Monday as Saputo mopped up the remaining 1.14 per cent of shares in the business through compulsory acquisition.

Saputo did not respond to The Weekly Times’ questions about its plans post-ASX delisting, investment strategy, farmgate milk competition or its thoughts on world dairy markets.

Local Moyne Shire mayor Jim Doukas said Saputo’s move to claim the remaining small amount of WCB shares wouldn’t make a difference to the community. He said it was viewed as “tying up loose ends”.

He said losing public access to financials via the Australian Securities Exchange “won’t make that much of a difference” as there was competition for milk in the region and farmers have learnt, after the Murray Goulburn step-down and clawback, that loyalty “doesn’t get you very far”.