Fruit distributor Total Produce has finalised its €13 million transaction to increase its shareholding in the South African firm Capespan Shareholding.

The Dundalk-headquartered fruit firm announced in late December it had sold its 50 per cent stake in Capespan’s European distribution business – Capespan International Holdings – to Capespan, in exchange for an additional 20 million shares in Capespan South Africa and €8.5 million in cash.

The transaction received regulatory approval last month.

With a shareholding of 25.3 per cent, Total Produce is the second-largest shareholder in Capespan Group. It has held a 10 per cent shareholding in Capespan for more than 10 years.

Capespan, whose shares are traded over the counter in South Africa, has been at the centre of a bidding war this year between its two other main shareholders.

Zeder Investments, which has been building up its stake in Capespan to 40 per cent, made a bid for the company in June. This was followed by an offer from 8 per cent shareholder Bidvest.