On 31 October 2013, the ACCC announced that it would not oppose a proposed acquisition of Warrnambool Cheese and Butter Factory Company Holdings Limited (Warrnambool) by Bega Cheese Limited (Bega).

Bega and Warrnambool each operate dairy manufacturing plants that produce a range of processed dairy products and compete for the acquisition of raw milk from dairy farmers. In considering there was limited overlap between Bega and Warrnambool in relation to the acquisition of raw milk, the ACCC concluded that a merged entity would continue to be constrained by other competing dairy manufacturers. In addition, the ACCC noted that the significant volume of dairy products imported into Australia will also exert competitive pressure in the wholesale supply of the dairy products supplied by Bega and Warrnambool.