• Warrnambool fight shows interest strength

    Date: 2019.01.16 | Category: 上海按摩服务 | Tags:

    The tug of war over Warrnambool Cheese and Butter Factory shows just how much interest there is for well-performing Australian dairy assets, Bega Cheese chairman Barry Irvin says.


    Bega prompted the takeover tussle for WCB, but bowed out of the contest when its bid lapsed on December 20.

    Mr Irvin said that despite recent comments in the media, Bega was not planning to rejoin the takeover fray, and was now mulling over what it would do with its existing 18.8 per cent stake.

    Canadian dairy giant Saputo, which has now lifted its stake to 20.14 per cent, and local company Murray Goulburn, which has a 17.7 per cent interest, are still vying for WCB.

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

    Mr Irvin said the rivalry just shows the extent of the interest in Australian dairy assets.

    “This battle for Warrnambool has demonstrated there is a great deal of interest for Australian dairy assets,” he told Sky Business on Thursday.

    And, that interest wasn’t just from Asia – as the bid from Canada’s Saputo had shown, along with the interest Bega had experienced for its stake.

    “We are contemplating what we might do with our stake,” Mr Irvin said.

    “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.

    “The reality is … the Europeans and the Asians are all very interested in well-performing Australian dairy assets.”

    Saputo’s offer for WCB, which it has said is its final bid, expires at 1900 AEDT on Friday.

    It 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.

    Its offer is subject to approval 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.

    WCB has said it favours the Saputo bid.