Shares in Australian dairy firm National Foods jumped more than 5% on Wednesday afternoon following renewed takeover speculation.

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Macquarie Retail’s broking unit was reportedly buying shares in National Foods in anticipation of a possible takeover bid by New Zealand dairy giant Fonterra, reported Dow Jones International News.

Fonterra holds a 17.2% stake in National Foods, while French dairy giant Groupe Danone holds a 10.2% share and Australia’s Dairy Farmers holds a 9.1% stake.

However, a Fonterra spokesman denied the company was planning a takeover offer for National Foods.

“There is no foundation to the rumour,” the spokesman was quoted by Dow Jones as saying. “Fonterra is comfortable with its current stake in National Foods.”

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