Canadian dairy giant returns to Europe

The British milk processor Dairy Crest has been definitively taken over by the Canadian Saputo. The $1,7 billion offer has been accepted by shareholders.

More than 90% of the voting shareholders of publicly traded Dairy Crest have agreed the takeover bid that was performed earlier. This means that the British milk processor is now officially in Canadian hands. 

Return
With the takeover in Great Britain, Saputo returns to Europe. The vicissitudes currently occurring in the country (such as Brexit) are apparently not a stumbling block. More than 5 years ago, Canada's largest dairy group ceased operations in Germany and Great Britain.

The acquisition still has to be approved by the authorities, but that will most likely not cause any problems. It is expected that the final green light will be given in mid-April. 

Top 10
Canadian Saputo is the ninth largest dairy processor in the world, after FrieslandCampina and Arla, among others. The company's 8 revenue was approximately $2018 billion.

Wouter Job

Wouter Baan is editor-in-chief of Boerenbusiness. He also focuses on dairy, pig and meat markets. He also follows (business) developments within agribusiness and interviews CEOs and policymakers.

w.baan@boerenbusiness. Nl

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