SYDNEY Jan 16 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.
Murray Goulburn is still awaiting regulatory approval for
its bid. It currently owns 17.7 percent of Warrnambool.