Warrnambool Cheese and Butter has reported a recovery from last year’s losses of nearly $20 million, with the company now back in the black to the tune of $8.8 million. The company reported steady milk intake and a record production level, with a 7.4% increase in sales volumes, but revenues down 5.6%. EBIT were up from a $24.6 million loss last year to a $16.9 million profit in 2010 – a gain of $41.4 million. “The Company was able to record a solid profit outcome of $8.8 million,... ...Read more »

Woolworths has shaken up its milk supply, with a decision to award its own-label contracts to more than one supplier. The retailer today (8 June) confirmed that it had chosen to source milk from Parmalat and Murray Goulburn and not just National Foods, which had been its sole supplier of own-label milk since 2002. A spokesman for Woolworths said the retailer had awarded its contract for Queensland to Italian dairy giant Parmalat. Murray Goulburn will now serve a clutch of stores in the ACT and in... ...Read more »

Jindi Cheese, Ferguson Plarre Bakehouses, Kraft Foods (for the Vegemite Port Melbourne operations) and the Murray Goulburn Co-operative have been inducted into the 2010 Victorian Manufacturing Hall of Fame as a recognition of excellence and innovation in manufacturing. The Hall of Fame additions, announced on Wednesday by Industry and Trade Minister Jacinta Allan and Small Business Minister Joe Helper, are designed to showcase local manufacturers using creative and sophisticated techniques. Jindi... ...Read more »

Dairy giant Murray Goulburn has abandoned its attempt to acquire Warrnambool Cheese and Butter, after several months of rejected offers. A letter to suppliers yesterday said that Murray Goulburn “does not intend to progress with the proposed merger at this time and has withdrawn its application for clearance to the ACCC”. A statement from the WCB board welcomed the decision by Murray Goulburn. “We have long maintained a takeover of WCB by MG was not in the best interests of WCB,... ...Read more »

The Australian Competition and Consumer Commission (ACCC) has released a Statement of Issues in relation to the proposed acquisition of Warrnambool Cheese and Butter Factory Company (WCB) by Murray Goulburn.  A Statement of Issues published by the ACCC is not a final decision about a proposed acquisition, but provides the ACCC’s preliminary views, drawing attention to particular issues of varying degrees of competition concern, as well as identifying the lines of further inquiry that the ACCC... ...Read more »

The battle over Australian dairy firm Warrnambool Cheese and Butter Factory has been turned up a notch with the company writing to investors to warn them of the “myth and little substance” of claims from suitor Murray Goulburn. Since January, Murray Goulburn has had two takeover approaches rejected by the WCB board, which has argued that the group wants to acquire WCB at a knockdown price. Murray Goulburn has since built up its stake in WCB to just under 10% while highlighting the benefits... ...Read more »

Australian dairy co-operative Murray Goulburn has continued to increase its stake in local peer Warrnambool Cheese and Butter Factory (WCB).Murray Goulburn, which has had two takeover approaches rejected by the WCB board, has grown its stake in the group from 8.37% to 9.9% of shares, according to a filing with the Australian stock exchange this week. The company purchased the WCB shares on market and paid around A$4.50 (US$4.12) a share. The price was 15 cents higher than the value of Murray Goulburn’s... ...Read more »

The board of Australian dairy group Warrnambool Cheese and Butter (WCB) on Friday (12 March) again urged shareholders to resist the takeover approaches for the business.WCB’s board has rejected takeover advances from two parties, including two unsolicited overtures from local peer Murray Goulburn. Murray Goulburn said yesterday that it has built an 8.37% stake in WCB through a series of on-market purchases. The co-operative paid about A$4.50 per share, valuing WCB at around A$180m. In an open... ...Read more »

Murray Goulburn has continued to build its stake in local rival Warrnambool Cheese and Butter Factory. Murray Goulburn, which has had two takeover approaches rejected by the WCB board, has grown its stake in the group from 7% to 8.37% of shares, according to a filing with the Australian stock exchange yesterday (11 March). Murray Goulburn bought 546,722 WCB shares on-market between 3 March and 11 March for A$4.50 (US$4.12) a share. The price was 15 cents higher than the value of Murray Goulburn’s... ...Read more »

Murray Goulburn has built a stake in local rival Warrnambool Cheese and Butter Factory, which has twice rejected takeover bids from the Australian dairy co-op.WCB said on Friday that Murray Goulburn has snapped up “close to a 5% stake” in the business. The shares were bought for A$4.50 (US$4.01) a share, 15 cents higher than the second offer from Murray Goulburn that WCB rebuffed. WCB told its shareholders to “take no action” and insisted it would keep investors of “all... ...Read more »