Warrnambool Cheese and Butter Factory (WCB) has this morning announced a profit downgrade as continued dairy market volatility and decisions made earlier in the year continue to bite. “Continuing volatility in factors affecting the Company’s financial performance means that the Company’s net loss is likely to exceed the $10-12m foreshadowed earlier in the year,” the dairy firm advised in a statement. “The continuing volatility means that the final amount of the loss... ...Read more »

The Warrnambool Cheese and Butter (WCB) cheese joint venture deal with National Foods is on the back burner as the dairy company seeks to get their business back on track. WCB has met with a number of difficulties since first signing the joint venture agreement in December last year. They cut the milk price offered to suppliers on April 1 this year, but were forced to reinstate the previous price after a backlash from farmers. This ensured a profit downgrade and a subsequent cancelling of a rights... ...Read more »

Warrnambool Cheese and Butter (WCB) has today announced a number of changes to its Board of Directors, including the resignation of their besieged Chairman. David Karpin, Chairman, stepped down from the Board amidst a campaign led by shareholders to oust him from his position. Mr Karpin, who will be replaced by current Director Frank Davis, follows former CEO Neil Kearney in resigning in the wake of a cancelled capital raising after a price cut angered suppliers. Tumultuous six weeks WCB cut the... ...Read more »

Warrnambool Cheese and Butter has today announced plans to continue with the proposed cheese joint venture with National Foods – Australian Cheese Company Pty Ltd (ACC) – despite deciding not to proceed with a rights issue last week. The rights issue was cancelled following a decision to reinstate the milk price paid to farmers, after suppliers staged a mass exodus. “Following the decision to cut milk prices from 1 April 2009, a number of milk suppliers representing a significant... ...Read more »

Warrnambool Cheese and Butter Factory and National Foods have completed agreements to form a joint venture, Australian Cheese Company Pty Ltd (ACC), to operate the cheese business of Australian Co-operative Foods Limited (Dairy Farmers). ACC will be owned 50:50 by NF and WCB, and will own and operate the retail cheese assets of Dairy Farmers – which were acquired for $910m by National Foods in November 2008. WCB will contribute $105 million for its share in ACC. Neil Kearney, CEO and Managing... ...Read more »

The takeover of Dairy Farmers by Kirin subsidiary National Foods was officially completed on Tuesday, with the cheese joint venture between National Foods and Warrnambool Cheese and Butter (WCB) expected to begin operation early next year. Dairy Farmers Chairman Ian Langdon, who along with other directors will resign from the Dairy Farmers Board today, said the $910m acquisition of the business by National Foods stood to have a positive impact on Dairy Farmers’ shareholders as well as the... ...Read more »

The purchase of Dairy Farmers by National Foods will be implemented next week after receiving court approval today… Australian Co-operative Foods Limited (ACF), which trades as Dairy Farmers, today announced that the National Foods offer to acquire all of the shares in the Co-operative had been approved by the New South Wales Supreme Court. National Foods won shareholder approval last week for their $910 million proposal. ACF Chairman Ian Langdon said the court’s approval of the scheme... ...Read more »

Australian Co-operative Foods Limited (ACF), which trades as Dairy Farmers, and National Foods today announced that ACF members had approved the acquisition proposal by National Foods. On August 25 Dairy Farmers announced that National Foods had outbid other interested parties, with their $910 million offer. The deal involved a joint venture with Warrnambool Cheese and Butter for the cheese business of Dairy Farmers. National Foods have also since come to an arrangement to allow Fonterra to acquire... ...Read more »

Kirin Holdings, Japan’s largest brewer and owner of Australian-based National Foods, has won the battle to acquire dairy co-operative Australian Co-Operative Foods (ACF) Limited (Dairy Farmers). In conjunction with Warrnambool Cheese and Butter, National Foods outbid other interested parties, which reportedly included Saputo and Murray Goulburn. Dairy Farmers announced today that National Foods will acquire all of the shares in the Co-operative for a cash consideration of $5.65 per share,... ...Read more »

Reports of Murray Goulburn making a solo bid for Dairy Farmers early last week appear to be accurate, with the company asking for approval of a potential takeover of Dairy Farmers from the Australian Competition and Consumer Commission. Murray Goulburn was initially planning to make a joint bid with Parmalat, but the two companies could not come to terms on an appropriate deal. Negotiations between the two officially ceased a week and a half ago. The proposal by Murray Goulburn is for 100% of Dairy... ...Read more »