Warrnambool Cheese and Butter Factory Company Holdings has posted a 300% leap in first half net profits and insisted that its prospects for the remainder of this year are significantly better than they were for 2010.In a regulatory filing yesterday, WCB revealed that first half net profits rose to $36.4 million, up 307.8% from $8.9 million for the first half of last year. The company said that EBITDA gained 191% year-on-year, rising to $61.1 million. The Australian dairy group said that its numbers... ...Read more »

Murray Goulburn has announced that it will purchase enough of the newly diluted Warnambool Cheese and Butter shares to bring it back to its original percentage stake in the company, following WCB’s equity raising. “Murray Goulburn’s investment in WCB was made with a longer-term perspective and we remain committed to an investment which allows us to be part of a process that has yet to conclude,” said Murray Goulburn Managing Director, Mr Stephen O’Rourke. “The WCB capital raising... ...Read more »

Bega Cheese has acquired a 15% stake in its rival, Warrnambool Cheese & Butter, with Bega Cheese executive chairman Barry Irvin joining the WCB board, and the two companies forming a strategic management group to “explore and evaluate opportunities for mutually beneficial cooperation”. The $22.6 million placement – 6 million shares at $2.90 – is part of a total capital raising of $37 million, is accompanied by a one-for-six share offer to WCB shareholders, and the issue... ...Read more »

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 »

Dairy firm Warrnambool Cheese and Butter Factory (WCB) has renewed its agreement to supply National Foods with bulk cheddar cheese.WCB said yesterday (3 August) that it would supply around 20,000 tonnes of “high quality” cheese a year for five years. The cheese is made at WCB’s cheese plant at Allansford and sold under National Foods’ Coon and Cracker Barrel brands. just-food is the world’s leading portal for the global pre-packaged food and retail industries. Its daily... ...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 »