Saputo has increased its stake in Warrnambool Cheese and Butter Factory to more than 80 per cent, edging the Canadian dairy giant's takeover of the Victorian company closer to completion.
Saputo on Tuesday said it had received acceptances of 81.436 per cent of Warrnambool shares.
It means investors selling their stake to Saputo will continue to receive a return of $9.40 per share.
That amount had been increased from $9.20 after Saputo acquired 75 per cent of Warrnambool shares in late January.
The Canadian's offer price will go up to $9.60 if it passes 90 per cent.
Saputo, Australia's Bega Cheese and Murray Goulburn Co-operative were involved in a prolonged three-way tussle for control of Warrnambool.
But the two Australian companies have agreed to sell their stakes in Warrnambool to Saputo.
At the time that Bega Cheese initiated the battle for Warrnambool in September 2013, the target's shares were trading at $4.51.
Its shares closed at $9.04 on Tuesday, down 38 cents.
