A Saputo plant in Montreal, on Jan. 13, 2014.Ryan Remiorz/The Canadian Press
The Caisse de depot et placement du Quebec has increased its stake in dairy company Saputo Inc SAP-T.
The Quebec investment manager says it has acquired 13.5 million shares at a price of $27.96 per share for a total of about $378-million.
CDPQ now owns 19,152,378 common shares of Saputo for a 4.51 per cent stake.
It acquired the shares as part of a sale of 40 million shares of the company by Francesco Saputo for general estate and succession planning.
A wholly-owned subsidiary of Jolina Capital Inc., Lino Saputo and other members of the Saputo family acquired the other 26.5 million shares.
Francesco Saputo still holds 2.5 million Saputo shares.