Saputo stock jumps after 13billion deal with Aussie dairy company

MONTREAL — Saputo Inc. shares rose nearly six per cent Friday to their highest close since January following news of a $1.29-billion agreement to acquire Australia’s Murray Goulburn Co-Operative Co.The friendly takeover would be Saputo’s biggest Australian acquisition since 2014, when it bought Warrnambool Cheese and Butter Factory after a months-long bidding battle.Saputo said Thursday after markets closed that the Murray Goulburn deal reinforces its commitment to strengthen its presence in the Australian market.The Montreal-based cheese and dairy company’s stock (TSX:SAP) closed at $47.48, after rising $2.57 from Thursday’s close before the deal was announced.Saputo’s stock hasn’t been above $47 since February and had fallen to a 2017 low close of $39.95 in July.Murray Goulburn makes a variety of dairy products including milk, milk powder, cheese, butter and infant formula.“By acquiring a well-established industry player, (Saputo) reinforces its commitment to strengthen its presence in the Australian market,” the company said in announcing the deal Thursday.“Saputo intends to continue to invest in its Australian platform and contribute to the ongoing development of its domestic and international business.”The company said the agreement is subject to shareholder and regulatory approvals but has been unanimously recommended by Murray Goulburn’s board of directors, provided a better offer doesn’t emerge.Saputo said it expects to finance the transaction through a new bank loan. National Bank Financial (TSX:NA) and BMO Capital Markets (TSX:BMO) will be co-lead arrangers for the financing.The Australian dairy company produces products for the international market under the Devondale, Liddells and Murray Goulburn Ingredients brands. read more

PICK Szeged – new Hungarian champions

Hungary got a new champions – MOL Pick Szeged! Fantastic final of the domestic Play-Off ended with surprising win of “always second” best Hungarian team, who saved +4 (32:28) from the first match in Szeged in front of frenetic Veszprem fans at Veszprem Arena – 29:26.Veszprem had a chance to score winning goal, but Blaz Blagotinsek wasn’t in ideal position two seconds before the final buzzer, 12 meters from the goal-line. His ball ended in net behind the goal.This is the third Hungarian Championship title after 1996 and 2007.Telekom Veszprém – MOL-Pick Szeged 29:26 (14:17) MOL-Pick Szeged: Sego, Sierra – Srsen 1, Kallman 3, Bodó 7, Sigurmannsson 2 (2), Gorbok, Goncalves 2, Balogh, Skube 4, Blazevic 1, Gaber, Sostaric 4, Zhitnikov 1, Fekete, Bánhidi 1 Pick SzegedTelekom Veszprem Telekom Veszprém: Mikler, Alilovic – Manaskov 4, Schuch, Ilic 3, Tonnesen 5, Gajic 4 (2), Nagy 2, Terzic, Blagotinsek 3, Sulic 1, Nenadic 4, Jamali 3 ← Previous Story Saint Raphael and Fuchse Berlin for the EHF Cup trophy Next Story → Juan Carlos Pastor “did it” with Szeged: My father was always asking, when we gonna beat Chema’s team read more