Key shareholders in Canada#;s largest dairy processor, Saputo, Inc., plan to sell about C$250m (US$162m) worth of their shares.

Majority shareholder Emanuele Saputo and other family members in the dairy processor will sell the shares to a syndicate of underwriters led by BMO Nesbitt Burns and National Bank Financial. The 7.6 million shares will be sold to the group of underwriters for C$32.75 apiece, and then sold on to the public.

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The move will reduce the stake in Saputo held by Emanuele Saputo from 65.4% to 58.1%.

The company said in a statement it will not make any money from this offering, which is expected to close around on 26 June.

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