Fonterra lifts holding in Bega

Dairy group increases shareholding in one of Warrnambool Cheese's suitors.

Fonterra Co-operative Group Ltd has increased its shareholding in Bega Cheese (BGA).

In a statement to the Australian Securities Exchange, Fonterra said it had increased its holding to 9.06 per cent, up from the six per cent holding it acquired earlier this month.

Fonterra said it bought an extra three million shares at $4.89  per share this week and currently licenses the Bega brand.

Bega is one of three dairy groups vying to take control of Warrnambool Cheese and Butter Factory Company Holdings (WCB), and along with Murray Goulburn Co-operative has asked the Takeovers Panel to stop rival Saputo from acquiring WCB shares on market.