Canada Based Saputo Lifts Bid for Australian Warrnambool

Marcus Jacob
15 Nov, 2013
New York City

Australian markets and dollar eased and the three-way bidding for WCB heated up. Canadian dairy company Saputo lifted its unconditional offer to $9 a share for WCB. Freelancer Ltd vaulted as high as four-fold on its first day of trading.

[R]4:30 PM Sydney – Australian markets and dollar eased and the three-way bidding for WCB heated up. Canadian dairy company Saputo lifted its unconditional offer to $9 a share for WCB. Freelancer Ltd vaulted as high as four-fold on its first day of trading.[/R]

Australian market indexes looked overseas for a direction and closed down on a weakness in resource and financial stocks.

Australian dollar dropped to 93.42 U.S. cents. In stock trading, turnover slid to 717 million shares worth $4.03 billion.

The ASX 200 index jumped 46.30 or 0.9% to close at 5,401.70 and the broader All Ordinaries climbed 44.20 to 5,396.20.

For the week, ASX 200 rose 0.02%.

Stocks in Review

Rio Tinto gained 38 cents to $65.51 and the company is set to submit a mining plan in partnership with BHP Billiton to U.S. authorities this week for its $6 billion nine project in Arizona.

BHP added 7 cents to $37.89. Woodside Petroleum Limited fell 9 cents to $38.55.

Westpac increased 35 cents to $33.

Freelancer Limited, the outsourcing company debuted at $2.50 per share with 400% premium to the 50 cent issue price and market value of above $1 billion.

Stock closed at $1.60 on its first day of trading.

Graincorp Limited declined 4% to $11.70 and the proposed $3.4 billion bid from U.S.-based Archer Daniels Midland Company may struggle as Prime Minister Tony Abbott could intervene to prevent the foreign takeover.

Linc Energy Limited plunged 11.9% to 99.5 cents after the Australia-based oil and gas explorer plans to de-list in Australia and list in Singapore. The company’s headquarters will remain in Brisbane but it plans to divest its $440 million coal division next year after a Singapore listing.

Pacific Equity Partners, the Australia-based private equity firm sold its 25% stake in share registry operator Link Administration Holdings Pty Ltd. to Macquarie Group Ltd and Intermediate Capital Group Plc for about $200 million.