Canadian dairy products maker Saputo has increased its holding in Australia's oldest dairy processor Warrnambool Cheese and Butter to 20.14%.
With this development, the Canadian firm has become the largest shareholder of Warrnambool, prior to closing of its takeover on 10 January.
If the company receives acceptance from 90% or more Warrnambool shareholders, its unconditional cash offer of A$515m ($461m) could be about A$549m ($492m).
In December, Saputo increased its offer price for all issued shares to A$9.20 in the event if it acquires 50% or more stake in Warrnambool.
The offer will further raise to A$9.40 per share if Saputo buys more than 75% or more shares, and the company will pay as much as A$9.60 to Warrnambool if it acquires 90% of shares.
Saputo aims to expand its presence in Asia-Pacific and position Warrnambool as the center of its operations in Australia to service the demand for dairy products in the region.
Meanwhile, dairy co-operative Murray Goulburn is awaiting regulatory approval for its A$530m ($474.96m) bid, and intends to increase its stake in Warrnambool through market purchases.
Warrnambool produces a range of dairy products for domestic and export markets, including cheese, butter and butter blends, milk, cream and dairy ingredients. The company operates two manufacturing facilities in South West Victoria and South Australia with more than 420 staff.
