UPDATE 2-Saputo sweetens bid for control of Australia's Warrnambool

Mon Nov 25, 2013 12:38am EST
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* Saputo declares A$9/shr offer unconditional

* Saputo will pay A$9.20/shr if gets acceptances for more than 50 pct

* Warrnambool board backs Saputo over Murray Goulburn, Bega bids

* Murray Goulburn says revised deal worse for some shareholders

* Warrnambool shares close up 2 pct at A$9.23/shr (Adds Murray Goulburn comment, updates shares to close)

By Lincoln Feast

SYDNEY, Nov 25 (Reuters) - Canada's Saputo Inc declared its A$505 million ($463 million) bid for Warrnambool Cheese and Butter Factory Co unconditional on Monday and said it would hike its offer if it won control of Australia's oldest dairy maker.

The revised bid increases the pressure on rival bidder Murray Goulburn Co-operative Ltd, which has said it is considering increasing its offer that is conditional on securing approval from competition regulators.

But with Murray Goulburn, Bega Cheese Ltd and Kirin Holdings Co Ltd's Australian food and beverage business all holding significant stakes in Warrnambool, analysts warned the prospects for a successful resolution to the three-month takeover battle looked remote.   Continued...