Saputo buys out remaining 12% of Australia’s Warrnambool dairy + MORE Jan 30th

Jarislowsky Fraser co-founder Stephen Jarislowsky. (Jarislowski Fraser)
Stephen Jarislowsky has no need for awards or statistics to establish his prowess as an investing mind. The fact this self-made man ranks 46th on Canadian Business’s Rich 100, with a net worth of $2.1 billion, says it all. And while he stepped down as CEO of his firm, Jarislowsky Fraser, in 2012, he still comes into work every day to manage his clients’ portfolios, at the age of 91. “It’s fascinating,” he says. “Investing puts you in touch with everything in life. It’s a perpetual exercise of the brain.”
.cbR{box-sizing:border-box;display:block;width:100%;margin:1em 0;border:1px solid #bbb;padding:.5em}@media (min-width:480px){.cbR{width:250px;margin:0 0 1em 1em;float:right}}Renowned value investor Francis Chou is willing to wait on a bargain
Jarislowsky started his firm in 1955, selling investment research to companies that had big pension funds to manage. The firm was so successful–he would interview the management teams of companies he considered worthy of investing in, a novel idea the time–that clients started asking him to manage their money in the place of their pension managers…

Saputo Inc. is moving to buy out the minority shareholders of an Australian cheese and dairy producer that it acquired in 2014 after a hard-fought takeover battle.
The Montreal-based company’s Australian subsidiary is offering A$8.85 per share cash (C$8.77 at current exchange rates) for each of the remaining shares of Warrnambool Cheese and Butter Factory Co.
As of the announcement Monday, Saputo (TSX:SAP) owned 88.02 of Warrnambool’s shares. Its offer is 24.8 per cent above the Australian company’s closing stock price of A$7.09 on Friday.
However, Saputo’s offer is below what it paid in 2014 when it offered between A$9.40 per WCB share and up to A$9.60 per share if at least 90 per cent of Warrnambool’s shares were tendered.
The company said Monday that the only condition with the new offer is that enough shares are tendered to its offer to raise Saputo’s ownership to 90 per cent of the total.
Warrnambool issued a separate release saying that a committee of directors who are independent of Saputo has unanimously support the offer, unless a superior bid emerges…

 

New year, new renovation budget.
Now, before you go off on a rant about how foolish it is to renovate a home, stop. Not every home renovation project is a good investment—nor it is a good use of disposable income. But not every remodel project is a bad idea. That sort of black and white blanket statement just isn’t helpful, particularly when we all know someone who renovated and sold their home for top dollar. Debating whether or not all home reno projects are a good idea is a futile as determining whether or not real estate is a good investment these days. Yes, there are spots where homes are over-priced. But there are so many variables, so how can we give just one accurate answer to a question that impacts a nation of people across 10-million square kilometres?
It’s probably more helpful, then, to provide some insightful information that can help any homeowner make good decisions if they are considering a home renovation. (To help you decide if it’s wise to renovate read: Home renovation reality check…

Expectations build around a African copper project

Q: My mother is 97 years old, in excellent health and living independently in her own home. For a very lengthy period of time, she’s paid for a whole life insurance policy. The premium is $121, paid semi-annually. Does she really need to continue to pay premiums on this policy or can she cease paying and just leave the policy alone?
—Chris R., Waterloo, Ont.
A: She is 97? Fantastic! What is her secret? I want to meet her. And I want to be her. Wait. Sorry. You asked me the question. I’m afraid my answer requires you to follow up with your broker to understand some math.
Lorne Marr of LSM Insurance says you’ll need to call and find out, “if the annual dividend exceeds the annual premium and if so have them apply it to the premium.” The dividend fluctuates based on interest rates and the profitability of the insurance company. Marr goes on to say that, “if the annual dividend is not sufficient, she might be able to take the difference from the accumulated paid-up additions…