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New chairman for Warrnambool

Warrnambool Cheese and butter Factory has a new chairman, Lino Saputo Jr, and five new directors.

The changes were approved by shareholders at a company general meeting on Friday 9 May, News.com reports.

Former Warrnambool chairman Terry Richardson was re-elected to the board, and a requirement under Warrnambool's constitution requiring that the board consist of nine directors was removed.

Canadian dairy giant Saputo owns 87.92 percent of Warrnambool shares, after a takeover bid which concluded in February.

Warrnambool had been the subject of a three way bidding war between Bega Cheese, Murray Goulburn and Saputo for six months.

Richardson said “although the takeover process was lengthy and well publicised, the bids for WCB have realised an excellent premium for WCB shareholders. The WCB Board believes Saputo’s final offer has been in the best interest of shareholders and other business stakeholders.”

The Factory has since posted a 104.7 percent increase in half year net statutory operating profit after tax, equating to an additional $16 million on the same period last year to $31.3 million.

 

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