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 that 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 while the issuing of shares have now also been issued after Capespan South Africa shareholders backed the deal.

With a shareholding of 25.3 per cent, Total Produce is now the second largest shareholder in Capespan Group.

Total Produce 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 eight per cent shareholder Bidvest.