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Australia's Warrnambool shares fall as bidding war intensifies

Tuesday, 29 Oct 2013 | 7:24 PM ET

SYDNEY, Oct 30 (Reuters) - Shares in Australia's Warrnambool Cheese and Butter Factory Company Holdings Ltd (WCB) fell as much as 4.3 percent on Wednesday as an international bidding war for the company intensified.

Kirin Holdings Co Ltd revealed after the market closed on Tuesday it had bought a 10 percent stake in WCB, a move that could block a A$449 million ($430 million) takeover bid by Canada's Saputo Inc.

The Saputo bid trumped separate approaches from WCB's two largest shareholders, Bega Cheese Ltd and Murray Goulburn Co-operative Co Ltd.

WCB shares, which soared as much as 11 percent on Tuesday, were at A$8.45, down 4 percent, in early trade. Bega shares were 4.3 percent higher at A$4.35.

(Reporting by Jane Wardell; Editing by Stephen Coates)

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