Olam International has now secured over 50.1% of shares in NZ Farming Systems Uruguay (NZFSU) as part of its takeover offer and has now declared the offer unconditional.

The Singapore-based agribusiness and food ingredients group made a bid for the dairy group in late July, offering NZ0.55 a share for the 81.55% of NZFSU it did not own, in a bid worth NZ109m (US$79.5m). Olam then upped its offer to NZ$0.70 amid rival interest in NZSFU.

The offer remains open until 5pm on 24 September and shareholders who may still wish to accept the offer for all or part of their shares have until that time to do so.

NZFSU said it looks forward to "working with Olam in its new role as the controlling shareholder to continue the development of intensive pastoral-based dairy farming on the company's farms in Uruguay".