Lactalis Acquires Saputo’s British Dairy Unit for $1.34 Billion
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Lactalis to Acquire Saputo’s British Dairy Business for $1.34 Billion
Major Acquisition in the Dairy Industry
Deal Overview
PARIS, Aug 14 (Reuters) – French dairy giant Lactalis reached an agreement to buy Canadian rival Saputo’s unit in Britain in a deal valuing the business at 988 million pounds ($1.34 billion), the companies said on Friday.
Market Impact
• After the acquisition, Lactalis will become a leader on the British cheddar, butter and margarine markets, Lacatalis said in a statement.
Brands and Products Involved
• Saputo’s British business includes the Cathedral City and Davistow cheddar brands and Wensleydale Creamery cheese and Country Life butter as well as the Clover and Utterly Butterly margarines, added Lactalis.
Workforce and Revenue
• Saputo’s Britain unit employs 1,300 people and it makes 94% of its sales revenues in Britain, Lactalis said.
Financial Details
($1 = 0.7386 pounds)
($1 = 0.8645 euros)
Reporting Credits
(Reporting by Inti Landauro;Editing by Sudip Kar-Gupta)
