Warrnambool should remain local: Nats MP A NEW federal coalition MP says he prefers an Australian takeover of dairy processor Warrnambool Cheese and Butter despite the government clearing the way for a foreign bid. Treasurer Joe Hockey's unconditional approval of a bid by Canadian company Saputo has added weight to its position as preferred suitor. But Nationals MP Andrew Broad, a former president of the Victorian Farmers Federation, said keeping ownership in Australia would improve Warrnambool's market share. "My hope and dream is that Warrnambool Cheese and Butter can combine with Murray-Goulburn and become the BHP of the dairy industry," he said on Wednesday. Murray-Goulburn has trumped Saputo in a three-way bidding war for Warrnambool, upping its all-cash bid to $9 a share. The Victorian farmer co-operative's offer values Warrnambool at $505 million. Mr Broad said foreign ownership would not be in the best interests of dairy farmers. The closer you are to the market, the more you can control the price. The United Dairyfarmers of Victoria has advised farmers that they are unlikely to get better returns for their milk if Saputo takes over Warrnambool. The third bidder for Warrnambool is Bega Cheese.