U.S. Markets close in 3 hrs 46 mins

Canadian dairy producer Saputo eyeing further buys


By Rod Nickel

Feb 6 (Reuters) - Canada's largest dairy producer Saputo Inc , which recently won control of Australian dairy Warrnambool Cheese and Butter Factory Company, is hungry for further acquisitions in that country, as well as in New Zealand, Brazil and the United States, Chief Executive Lino Saputo Jr. said on Thursday.

Saputo gave no indication that further big purchases are imminent, however, noting that the company had considered a play for Warrnambool for the past 10 years.

"Now with Warrnambool, we have a strong, solid platform in Australia, perhaps there could be other small, tuck-in businesses in Australia," Saputo said on a conference call to discuss quarterly results.

Saputo's shares finished up 79 Canadian cents, or 1.5 percent, at C$52.68 in Toronto.

Saputo won majority control in January of Warrnambool, trumping separate approaches from WCB's two largest shareholders, Australian-based Bega Cheese Ltd and Murray Goulburn Co-operative Co Ltd.

The acquisition expands Saputo's operations beyond Canada, the United States and Argentina, giving it a platform to tap growing Asian demand.

Japanese beverage giant Kirin Holdings Co Ltd, which owns a 10 percent stake in WCB through its local unit Lion, poses the last hurdle for Saputo to take full control of Warrnambool.

CEO Saputo said the company hopes to move beyond 90 percent control by Feb. 12, when its offer for the company is scheduled to close, but if not, he said Warrnambool will be a strong subsidiary of Saputo Inc.

"Whether we have 100 percent or 90 percent or 80 percent, we're still very delighted with this transaction (and) think as a subsidiary, this could be a very good platform for us," Saputo said.

He said the company wants to facilitate some of the plans Warrnambool has long had in place but lacked the finances to execute, and offered a vote of confidence in WCB Chief Executive David Lord.

"I have full confidence that David can manage that division very, very well. With our financial support and perhaps some sales guidance, I think the division can flourish," Saputo said.

For its third quarter, 2014, or the quarter ended Dec. 31, 2013, Saputo's net income rose to C$144.1 million ($129.8 million), or 73 Canadian cents a share, from C$130 million, or 65 Canadian cents, a year earlier.

Revenue jumped 30 percent to C$2.34 billion, factoring in its acquisition of U.S.-based Morningstar Foods in January, 2013.

Analysts were expecting Saputo to earn 74 Canadian cents per share on revenue of C$2.259 billion, according to Thomson Reuters I/B/E/S.


  • Read Chimamanda Ngozi Adichie’s short story on Instagram about Melania Trump
    Celebrity
    Quartz

    Read Chimamanda Ngozi Adichie’s short story on Instagram about Melania Trump

    In Chimamanda Ngozi Adichie’s world, Melania Trump is listless, and a bit racist. In a new short story by the author of the 2013 novel Americanah, Adichie imagines an exchange between “Mrs. T” and her black Pilates instructor, Janelle. The story extends the world she created (paywall) last June, in a story told from the perspective of the first lady. The Nigerian-born writer published “Janelle Asked to the Bedroom” on T Magazine’s site (paywall) and in a series on Instagram Friday. In the story, told from Janelle’s perspective, the pilates instructor meets a despondent Mrs. T in her apartment bedroom. The two have a brief, uncomfortable exchange in which Mrs. T reveals, among other things, that

  • 4 Tax Breaks That Are Slated to Disappear (So Grab Them Now!)
    Business
    Motley Fool

    4 Tax Breaks That Are Slated to Disappear (So Grab Them Now!)

    With Republicans' tax reform plan finally starting to take shape, it's a good idea to look into how your favorite tax breaks could change. While there are likely to be substantial changes to the tax reform plan before it potentially becomes law, it seems clear that many of today's itemized deductions will no longer exist. Unfortunately, it's not on the (very short) list of itemized deductions that the GOP plans to retain in tax reform.

  • 3 Retirement Rules Everyone Should Follow
    Lifestyle
    Motley Fool

    3 Retirement Rules Everyone Should Follow

    Thinking about retirement is freaking many people out. According to a recent survey from the folks at CareerBuilder, many millions of people are worried about whether they'll be able to retire. Nearly a third of workers over 60 plan to work at least until

  • Man Killed by Rock That Teens Threw From Highway Overpass, Police Say
    News
    Time

    Man Killed by Rock That Teens Threw From Highway Overpass, Police Say

    A Michigan man commuting home from work was killed after he was struck by a rock that was allegedly thrown by teenagers from a highway overpass, officials said. Kenneth White, 32, was in the passenger seat of a van just minutes away from his home Wednesday when a rock smashed through the windshield and struck him on Interstate 75 in Genesee County, according to ABC Detroit affiliate WXYZ. Several teenagers are in custody for the incident, which law enforcement officials believe was done as a prank, according to the network.

  • John McCain Takes a Veiled Swipe at Donald Trump's Medical Exemption From the Vietnam War
    Politics
    Time

    John McCain Takes a Veiled Swipe at Donald Trump's Medical Exemption From the Vietnam War

    Senator John McCain (R-AZ) appeared to take aim at President Donald Trump’s draft deferrals during the Vietnam War this week, following a series of public rebukes of the Trump administration. In an interview about the Vietnam War on C-SPAN3, American History TV, on Oct. 22, McCain criticized “high income” draftees who avoided military service while apparently alluding to the president’s own draft exemption — but he did not mention Trump by name. “One aspect of the [Vietnam] conflict by the way that I will never, ever countenance is that we drafted the lowest income level of America and the highest income level found a doctor that would say that they had a bone spur,” he said, naming the ailment under which Trump received medical deferrals.

  • Retailer Meijer Pulls Packaged Vegetables in Six U.S. States Amid Listeria Scare
    Health
    Fortune

    Retailer Meijer Pulls Packaged Vegetables in Six U.S. States Amid Listeria Scare

    Retailer Meijer said it was recalling packaged vegetables in six U.S. states because of possible contamination from Listeria monocytogenes bacteria, which can cause fatal food poisoning in young children, pregnant women and elderly or frail people. Meijer, based in Grand Rapids, Michigan, said there were no illnesses reported as of Sunday. The recall affects 35 products and includes vegetables such as broccoli, cauliflower and asparagus as well as party trays sold in Meijer-branded plastic or foam packaging in Michigan, Ohio, Indiana, Illinois, Kentucky and Wisconsin between Sept. 27 and Oct. 20, the company said on Saturday.

  • Unexpected ways to use a Roth IRA
    Business
    CNBC Videos

    Unexpected ways to use a Roth IRA

    Financial advisor Sophia Bera says a Roth IRA is a flexible financial vehicle that's useful beyond simple retirement saving, from home-buying to education.

  • GE's Got a New CEO
    Business
    The Street

    GE's Got a New CEO

    General Electric Co. (GE) shares posted a swing back into the green Friday, Oct. 20, after tumbling as much as 6% in early trading following disappointing third-quarter results. But if history is any indicator, shares could continue to decline in price under the tenure of a new CEO. Friday's report was the first under new chairman and CEO, John Flannery. He took over for Jeff Immelt, who had been head of the company since 2001. Following Immelt's first quarterly report Oct. 11, 2001, GE stock rose 2.7% on the day earnings were released, according to Bloomberg data. But after that 2.7% increase that day, GE stock tumbled as much as 45% during the next 16 months, according to the data. From his

  • Gretchen Carlson: It’s ‘Horrifying’ Fox News Renewed Bill O’Reilly’s Contract Amid Sexual Harassment Claims
    Finance
    Fortune

    Gretchen Carlson: It’s ‘Horrifying’ Fox News Renewed Bill O’Reilly’s Contract Amid Sexual Harassment Claims

    Gretchen Carlson has come out swinging against her former network after a report that Fox News offered its former anchor Bill O’Reilly a contract renewal despite knowledge of sexual harassment allegations against him. “It’s horrifying to think that any company would dismiss an employee following multiple allegations of sexual harassment and then allow him back on the air a few months later,” Carlson said in a statement Saturday. The New York Times reported Saturday that in January, O’Reilly had reached a $32 million settlement with a network analyst who had alleged sexual harassment claims against the host, which reportedly included claims of a non-consensual sexual relationship.

  • The US oil phenomenon that could help spark the 'tale of two markets'
    Business
    CNBC.com

    The US oil phenomenon that could help spark the 'tale of two markets'

    Get ready for a 'tale of two markets,' says oil expect Tom Kloza    5:57 PM ET Thu, 19 Oct 2017 | 01:31 The United States has started doing something unprecedented when it comes to oil, and the impact is expected to grow into next year. Tom Kloza of the Oil Price Information Service is alluding to the U.S. ramping up exports. It follows the 40-year ban that was lifted two years ago. "The highlight you need to watch for the next few months is going to be more record breaking exports of crude oil. Our view is that it's going to soften the price for Brent," the firm's global head of energy analysis said recently on CNBC's "Futures Now." According to Kloza, it's possible the U.S. will export 15 million

  • Boeing, Mitsubishi Heavy in deal to cut costs of 787 wing production
    Business
    Reuters

    Boeing, Mitsubishi Heavy in deal to cut costs of 787 wing production

    Under the new agreement announced in a joint statement on Monday, MHI will pursue increased efficiency in its production system and supply-chain through lean production methods, automation and other activities. MHI said last year Boeing was seeking a new round of lower prices and changes in payment terms as the U.S. manufacturer stepped up efforts to conserve cash. Delays in the 787 development and delivery, due in part to difficulties of managing a global supply chain, prompted Boeing to produce more of the upcoming 777X widebody, including the wings, at home despite MHI's attempts to keep the work in Japan.

  • Bogle: ETF Flows Muddle Valuation, Risk Picture
    Business
    Morningstar

    Bogle: ETF Flows Muddle Valuation, Risk Picture

    Large swings in ETF flows make it hard to forecast valuations and are likely introducing new risks into the market, says Vanguard founder Jack Bogle.

  • 'It's Been a Rollercoaster.' Shawn Johnson East Reveals Miscarriage in Emotional Video
    Celebrity
    Time

    'It's Been a Rollercoaster.' Shawn Johnson East Reveals Miscarriage in Emotional Video

    Shawn Johnson East and her husband Andrew East announced in an emotional YouTube video posted on Saturday that Johnson East had a miscarriage just two days after the couple found out they were pregnant. “Today’s video is a little bit sensitive,” Johnson East, 25, said at the beginning of the video. The video — titled “pregnancy + heartbreak” — documented the couple’s whirlwind 48-hours pregnancy experience: from the moment when Johnson East showed herself crying joyful tears after taking two pregnancy tests which came back positive, to the moment the couple learned they had a miscarriage.

  • GOP Tax Plan Will Have Fourth Bracket for Top Earners, Could Lower Retirement Deductions
    Politics
    Fortune

    GOP Tax Plan Will Have Fourth Bracket for Top Earners, Could Lower Retirement Deductions

    Two significant insights into Republicans’ evolving tax-reform plan emerged Friday. First, House Speaker Paul Ryan said that an additional top income tax bracket would be proposed to make it easier to maintain high tax rates on the very highest-income Americans. Previous versions of the Republican plan had only three tax brackets, down from the current seven, though the additional fourth bracket was mentioned as a possibility.

  • Will Your 2018 401(k) Tax Break Be $18,500 -- or $2,400?
    Business
    Motley Fool

    Will Your 2018 401(k) Tax Break Be $18,500 -- or $2,400?

    Congress is hard at work trying to turn the Trump tax plan into legislation that can make it through both the House and the Senate, and with only a slim majority of Republican senators, party leaders have to be sensitive to the wishes of every single individual senator. With some Republicans still opposed to deficit-widening changes to the tax laws, lawmakers are looking closely at one of the most often-used tax breaks for American workers: the deduction for 401(k) contributions. Currently set at $18,000 in 2017, taxpayers would ordinarily have anticipated an inflation-linked increase in the maximum contribution they could make to their 401(k)s in 2018.

  • Airbus turmoil overshadows bid to rescue CSeries
    Business
    Reuters

    Airbus turmoil overshadows bid to rescue CSeries

    Airbus's coup in buying a $6 billion Canadian jetliner project for a dollar stunned investors and took the spotlight off a growing ethics row last week, but internal disarray has raised questions over how smoothly it can implement the deal. The European planemaker secured the deal for Bombardier's CSeries programme by pledging to throw its marketing might behind the loss-making jets, just as the Airbus sales machine reels from falling sales and internal and external corruption investigations. Chief Executive Tom Enders has urged staff to keep calm in the face of French reports describing payments to intermediaries and growing concern over fallout from the investigations.

  • Jim Hackett: ‘I love Ford but I was not hired because I was a car guy’
    Business
    The Telegraph

    Jim Hackett: ‘I love Ford but I was not hired because I was a car guy’

    In the draughty hallway of the former media centre on London’s Olympic Park, Ford’s new boss Jim Hackett is sketching out the future for the 113-year-old company. Hackett – tieless to fit in with the environment – is confident they will help make Ford a leading player in automotive sector of the 21st Century. “It has a right to help interpret that and translate that for people all over the world.” The 62-year-old took over at Ford in May, when predecessor Mark Fields was ousted following investor concern over shares falling by a third during his three-year reign and worries Ford was dropping behind rivals in developing autonomous, connected and electric vehicles.

  • Is a Beat in Store for Bristol-Myers (BMY) in Q3 Earnings?
    Finance
    Zacks

    Is a Beat in Store for Bristol-Myers (BMY) in Q3 Earnings?

    The company delivered positive earnings surprise in three of the last four quarters and missed expectations in one. The average positive earnings surprise in the last four quarters is 7.99%. In the last reported quarter, Bristol-Myers came up with a positive surprise of 1.37%.

  • Bank of America Is Back on Offense
    Business
    Motley Fool

    Bank of America Is Back on Offense

    After spending years retreating and retrenching in the wake of the financial crisis, it seems clear that Bank of America (NYSE: BAC) is changing gears. On the bank's latest earnings call, Chairman and CEO Brian Moynihan rattled off a list of things the bank is doing to go on offense. Through the first nine months of 2017, Bank of America has spent $2.25 billion in technology-related investments.

  • Here's How Much the Average 50-Something American Has Saved for Retirement
    Lifestyle
    Motley Fool

    Here's How Much the Average 50-Something American Has Saved for Retirement

    Your 50s are a pivotal time not just in your career, but on the road to retirement. By the time your 50s roll around, you'll have conceivably been working for a good 30 years, which means your earnings will likely have peaked.

  • Halliburton posts international revenue growth, unlike Schlumberger
    Finance
    Reuters

    Halliburton posts international revenue growth, unlike Schlumberger

    International markets are becoming more important for U.S. oil companies, as industry executives brace for the North American fracking frenzy to slow, or "tap the brakes," as Halliburton had put it in July. "Our North American business is hitting on all cylinders and our international business proved resilient in a challenging environment," Chief Executive Jeff Miller said Monday after Halliburton posted its third quarter results.

  • New Tax Proposal Could Affect 401K Plans for Millions of Americans
    News
    Yahoo View

    New Tax Proposal Could Affect 401K Plans for Millions of Americans

    According to a report in the Wall Street Journal, the proposal being considered would reduce the amount a worker could contribute tax-free to just $2,400 a year.

  • Visa Inc Leads 6 Dividend Stocks Boosting Payouts
    Business
    InvestorPlace

    Visa Inc Leads 6 Dividend Stocks Boosting Payouts

    With earnings season underway, the S&P 500 Index finished a busy trading week about flat. While investors digest a number of new reports on corporate profits, a handful of companies also announced new dividend increases. Six notable dividend stocks increased

  • Jimmy Carter Wants to Help President Trump Resolve the North Korea Crisis
    World
    Time

    Jimmy Carter Wants to Help President Trump Resolve the North Korea Crisis

    Former President Jimmy Carter may be on opposite ends of the ideological spectrum from the current leader of the free world, but he’s still offering to help with one of the most pressing issues — the crisis with North Korea. Carter, 93 told the New York Times he is willing to take the lead on diplomatic efforts with the North Korea government to contain their efforts to amass nuclear weapons , and is even willing to physically travel to North Korea to carry out this objective. “I would go, yes,” he said, noting that he spoke directly with Trump’s National Security Adviser, H. R. McMaster in May, when he saw him at the funeral of his former National Security Adviser, Zbigniew Brzezinski.

  • Buy Intel Corporation Now, Before It Gets to $50
    Business
    InvestorPlace

    Buy Intel Corporation Now, Before It Gets to $50

    Intel Corporation (NASDAQ:INTC) is on a hot streak. INTC stock has already hit fresh 16-year highs. The stock appears set for a massive technical breakout, as shares are on the verge of topping the key $40 technical level. With the market as a whole moving