Warrnambool Cheese & Butter Factory Co
(ASX:WCB) boss David Lord is confident Kirin will be able to strike a deal with Saputo to protect the viability of its entry-level cheeses.
Kirin snapped up almost 10 per cent of WCB, which is the target of a three-way bidding war, through its subsidiary Lion last month.
The purchase was aimed at protecting Lion's agreement with WCB, which supplies its entry-level cheese brands Coon and Cracker Barrel, rather than as emerging as a fourth player in the takeover battle.
Canada-based Saputo is the suitor favoured by WCB's board but is facing competition from Bega and Murray Goulburn which each owns 17 per cent of the company.
Mr Lord says the Lion stake has made a complex situation more complex. But he’s confident that Lion and Saputo will be able to strike a deal.
Warrnambool Cheese & Butter Factory delivered a full year net profit of $7.5 million.
