US food and agricultural cooperative Land O’Lakes has indicated that it is not, and has not been, engaged in negotiations with Canadian dairy giant Saputo regarding the sale of any of the US company’s dairy business assets.

The comments came in response to what the company called “rumours and financial analyst speculation” that Saputo was interested in purchasing Land O’Lakes dairy products assets.

“While we normally do not respond to rumours and speculation,” Land O’Lakes vice president of public affairs Don Berg said, “As a cooperative organisation, we do feel a unique responsibility to respond to our member- owners, and this particular rumour did result in a considerable number of questions.”