Lion buys 10 per cent stake in Warrnambool

Lion’s parent Kirin wants to block a takeover of Warrnambool Cheese and Butter by Canada's Saputo.

Japan's Kirin Holdings Ltd’s food and beverage unit, Lion, has bought a 10 per cent stake in Warrnambool Cheese and Butter Factory Ltd.’s from fund managers today to try and block Saputo Inc’s attempt to take over the Victorian dairy maker as it relies on a supply of Coon cheese, made by Warrnambool, to sell to south-east Asian customers.

Warrnambool shares surged as much as 94 cents, or 11 per cent, to $9.30 today before closing at $8.80.

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