Bega sees itself in 'box seat' for WCB Federal Treasurer Joe Hockey may have unconditionally backed Saputo's $450 million takeover offer for Warrnambool Cheese and Butter, but rival bidders believe they are still a fighting chance to control Australia's oldest listed milk processor. Bega and Murray Goulburn which own about 17 per cent each in the WCB are not planning on immediately raising their bids after Mr Hockey's decision. Bega advisor David Williams of Kidder Williams believed Bega was still in the ""box seat"," despite having the lowest of the three bids. Bega is offering $2 cash plus 1.2 Bega shares for every WCB share, which is worth about $7.23 based on current prices. This compares with all cash offers of $8 a share from Saputo and $7.50 from Murray Goulburn. But both those offers are conditional. Saputo must acquire at least 50.1 per cent of WCB's stock - a tough task considering Bega, Murray Goulburn and Japanese food group Kirin own about 44 per cent of the company - while Murray Goulburn's offer is subject to approval from the competition regulator. ""We will continue to monitor the situation. But we still think that Bega is still in the box seat because we are the only ones who can go unconditional,"" Mr Williams said. A Murray Goulburn spokeswoman said the co-operative's position was unchanged since its last media statement regarding Saputo released on October 25. ""MG notes that Saputo's offer continues to be subject to substantial conditionality. MG believes that resolution of the future ownership of WCB will be a long process and that WCB shareholders should not act prematurely in relation to giving up control of their shareholdings,"" the spokeswoman said. But WCB chairman Terry Richardson said Saputo was the best suitor and Mr Hockey's approval had ""significantly progressed"" its bid. ""We believe Saputo's offer provides more certainty for the future of WCB's operations and employees, including a strong future competitor for milk supply,"" Mr Richardson said. Mr Hockey said the future ownership of WCB was ultimately up to its shareholders. But his message was clear. ""Australia is open for business and we welcome foreign investment when it is not contrary to the national interest,"" Mr Hockey said. ""No conditions have been placed on this approval. The future ownership of WCB is ultimately a matter for the shareholders but this decision provides certainty in relation to Saputo's bid."" Saputo chief executive and chairman Lino Saputo Jr welcomed Mr Hockey's decision, saying it further bolstered its bid after WCB's board unanimously supported his company's offer. ""Saputo has the strategic intent and the financial capacity to invest further in growing the Warrnambool business, expanding production and growing milk intake,"" Mr Saputo said. ""Saputo's offer provides the opportunity to grow the industry locally as well as fast track penetration into valuable export markets. Warrnambool will be at the heart of Saputo's Australian operations, while also creating a platform for growth into the Asia Pacific region. Mr Hockey's approval comes as he continues to deliberate whether US corporation Archer Daniels Midland should be able to takeover GrainCorp. He said he would announce his decision on December 17 about whether the $3.4 billion deal should go head. Foreign investment has become a prickly subject with the new coalition government. The GrainCorp takeover bid has split the Liberals and the Nationals (who oppose the sale).