Leading European fresh produce group Total Produce has announced the completion of a €13m transaction to increase its shareholding in South African company Capespan Group.
The Ireland-based company had previously announced on 23 December 2011 that it had sold its 50 per cent shareholding in Capespan's European distribution business, Capespan International Holdings, back to the South African group.
The shares were sold in exchange for an additional 20m shares in Capespan Group as well as €8.5m in cash.
"The transaction was subject to regulatory approval and the issue of the shares was subject to the approval of Capespan Group shareholders," said a spokesperson for Total Produce.
"Both of these approvals have since been received. The €8.5m of cash was received in January and the shares have now been issued to Total Produce."
With a shareholding of 25.3 per cent, Total Produce is now the second-largest shareholder in Capespan Group, behind Zeder Investments.
"The full merger of Capespan Europe with Capespan Group enables the alignment of the offering to provide the best possible service to customers," the spokesperson added.