Saputo Inc., Canada's biggest cheesemaker and dairy processor, is on the takeover trail again.
It is one of three bidders for the manufacturing assets of Australia's Dairy Farmers Co-operative -- worth an estimated $900 million or more.
Lino Saputo Jr., who followed his founder-father Lino as CEO in 2004, has mentioned Australia as a source of low-cost milk and a long-term target market.
The Saputos moved into the U.S. in 1997 by buying Stella Foods for $563 million. Later, they expanded into Europe and Argentina and became the world's 15th biggest cheese producer -- and a $5-billion business.
But Lino Saputo Jr. would not comment on a report in the Australian Financial Review his company was one of three groups that bid for Dairy Farmers by last Friday's deadline. The industry is taking it as gospel and is giving Saputo Inc., a chance of winning.
