The weak global diary market, hit by oversupply and a tail-off in Chinese demand that has driven international milk prices down by around 50 percent, is unlikely to pick up anytime soon, analysts say.
Warrnambool Cheese and Butter Factory is now the subject of a three way battle as bidders Bega Cheese, Saputo and Murray Goulburn all seek to be the owner of the manufacturer of brands such as Sungold Milk and Great Ocean cheese.
Shareholders in the largest milk producer in China sold nearly 5.2% stake.
Global food and dairy companies are making another round of big bets on China's fast growing dairy sector.
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