ad placed no conditions with respect to the approval.The future ownership of WCB is a matter for the shareholders; however, this decision provides certainty in relation to Saputo's bid, he said.
Hockey added that Australia is open for business and the country welcomes foreign investment when it is not contrary to the national interest.
In October, Saputo made a C$378m offer to acquire WCB; however, it later increased the bid by 14%.
As per the revised offer, Saputo is offering to pay A$8 per share. The bid has been unanimously recommended by the WCB shareholders.
In September, WCB majority shareholder Bega Cheese made a A$5.75 per share offer.
Last week, Bega said that it was looking at options to raise its offer for WCB.
Warrnambool operates two manufacturing facilities in South West Victoria and South Australia with more than 420 staff.
The company produces a wide of dairy products for domestic and export markets, including cheese, butter and butter blends, milk, cream and dairy ingredients.
Warrnambool reported consolidated revenues of C$477m with EBITDA of C$25m for the year ended 30 June 2013.
Hockey, meanwhile, is due to make a decision on Archer Daniels Midland's (ADM) proposed A$3bn ($2.8bn) take over of grain handler GrainCorp by 2013-end.
The deal should have received approval earlier this year; however, the deadline was extended to until 17 December.
The new time frame would allow FIRB to negotiate conditions it might require on the deal.
