Freshfields advises Saputo Inc. on the recommended cash acquisition of Dairy Crest Group plcFreshfields Bruckhaus Deringer LLP (‘Freshfields’) is advising Saputo Inc (‘Saputo’) on its recommended all-cash offer for Dairy Crest Group plc (‘Dairy Crest’) listed on the London Stock Exchange.
Saputo is one of the top ten dairy processors in the world, the largest cheese manufacturer and the leading fluid milk and cream processor in Canada, the top dairy processor in Australia and the second largest in Argentina. It is listed on the Toronto Stock Exchange under the symbol “SAP”.
Dairy Crest is a producer of leading British food brands and value-added ingredients, with a portfolio of market-leading brands including Cathedral City cheese, Clover dairy spread, Country Life butter and Frylight cooking spray.
The acquisition values Dairy Crest at approximately £975mn and is conditional on the receipt of shareholder and court approvals. It is expected to close in the second quarter of 2019.
The Freshfields team is being led by partners Stephen Hewes, Laurie McFadden, Peter Hall and senior associate Richard Johnson. Stikeman Elliott LLP are advising Saputo as to Canadian law.
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