The 9.00 is made up of 7.69 cash and two special dividends that are subject to conditions. .46 if Saputo get 50.1% and .85 if they get 90%.
In my view there's little chance of them achieving either target.
This makes BGA the better option, and I still think Fonterra could lend a helping hand.
saputo's 9.00 is not what it seems
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