Total Produce has received regulatory approval for its recent transaction with South African company Capespan Shareholding.

The Dundalk-headquartered fruit company announced on December 23rd that it had sold its 50 per cent shareholding 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.

That €8.5 million has now transferred to Total Produce, the company confirmed this morning. The final stage of the transaction, the issue of an additional 20 million shares in Capespan South Africa, will be put forward for approval at a Capespan South Africa shareholder meeting next month.

Following the completion of the transaction, Total Produce will hold 25 per cent of Capespan South Africa, making it the second largest shareholder in the South African fruit 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.