Australian Dairy Farmers (ADF) notes today’s decision by Australian farmer-owned co- operative, Murray Goulburn (MG), to withdraw its offer for Warrnambool Cheese and Butter (WCB), and instead accept the offer of Canadian dairy company, Saputo, for its WCB shareholding.
ADF President, Noel Campbell, said Bega’s recent decision to sell its stake to Saputo was a turning point for all involved with the takeover of WCB.
“ADF notes MG’s decision today to withdraw its offer for WCB, and instead accept Saputo’s offer for its WCB shareholding,” Mr Campbell said.
“While this decision was doubtless a difficult one, proceeds from the sale of MG’s shareholding will position them well for the future.
“We congratulate Saputo upon acquiring WCB, after what could fairly be described as a highly competitive takeover process.
“Throughout, Saputo has been consistent in saying that they are committed to putting WCB suppliers first, and we trust they will be true to their word.
“Local dairy farmers have helped make WCB what it is today, and ADF will watch closely to ensure their interests are upheld in future.”
Mr Campbell said intense competition for WCB was a positive sign for the industry, and reflects international confidence in the future of Australian dairy.
“The interest in WCB was unprecedented and ultimately, represents a substantial vote of confidence in the future of the dairy industry,” he said.
“In addition to improved farm-gate prices in some parts of Australia, and major trade opportunities in Asia, we have cause to be optimistic about dairy’s future.”
Media Contact:
Karl Liebich, Media Officer
T: (03) 8621 4200
E: media@australiandairyfarmers.com.au