Saputo lifts Warrnambool Cheese stake

Canadian dairy giant Saputo has lifted its stake in Warrnambool Cheese to 20.14 per cent. Source: AAP

THE parties battling for Warrnambool Cheese and Butter (WCB) are still a long way off gaining control of the target, with the offer of one suitor set to expire on Friday evening, and the other suitor trapped in the regulatory process.

Canadian dairy giant Saputo and Australian dairy co-operative Murray Goulburn remain in the fight for WCB, after Bega Cheese pulled out in December.

Saputo's offer, which has been declared final, expires at 1900 AEDT on Friday, January 10, unless it is extended, but is favoured by the WCB board.

Murray Goulburn's offer remains open until March 14, but its proposed acquisition of WCB still requires regulatory approval, and its offer has been rejected by the WCB board.

Saputo on Thursday said its offer had received sufficient acceptances to lift its stake in WCB to 20.14 per cent.

"Saputo is now the largest shareholder in Warrnambool Cheese and Butter, with acceptances continuing to flow in," a Saputo spokesperson said.

But other parties also hold significant chunks of WCB shares, making it difficult for any party to achieve a stake of 50 per cent or more.

Murray Goulburn has a 17.7 per cent stake in WCB.

Bega Cheese, which initiated the takeover battle for WCB but pulled out of the contest when its bid lapsed on December 20, holds 18.8 per cent of WCB.

Japanese-controlled food and beverages company Lion has about 10 per cent.

Bega Cheese chairman Barry Irvin on Thursday said Bega was considering what to do with its holding in WCB.

He said there was much interest in well-performing Australian dairy assets, and in Bega's stake in WCB.

"We are contemplating what we might do with our stake," Mr Irvin told Sky Business.

"We have had a number of inquiries and I don't think it's appropriate to reveal who those parties might be ... (but), yes, we have had some international inquiries."

Saputo is offering an unconditional $9.00 per Warrnambool share, but that price can increase to as much as $9.60 if Saputo attains various share thresholds in WCB at and above 50 per cent.

Murray Goulburn's bid of $9.50 is conditional upon it obtaining more than 50 per cent of WCB shares.

Murray Goulburn's offer is subject to no objection by the Australian Competition and Consumer Commission (ACCC) or the granting of authorisation by the Australian Competition Tribunal.

The company has decided not to seek ACCC approval and instead request authorisation from the Competition Tribunal on the grounds that the net public benefit of its acquisition of WCB would outweigh any likely anti-competitive effects.

The tribunal is expected to complete its assessment of Murray Goulburn's application by February 28.

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