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 today (22 March).

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

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 second offer, which WCB rebuffed on 19 February.

Murray Goulburn’s managing director Stephen O’Rourke has repeatedly insisted that offer is “a genuine proposal” to deliver higher returns to farmers.

However, WCB’s board has insisted that the benefits of remaining a listed company outweigh those of joining the co-operative.

GlobalData Strategic Intelligence

US Tariffs are shifting - will you react or anticipate?

Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.

By GlobalData

Just Food Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Food Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now