Dunedin meat processor PPCS has secured an 85.85% stake in Richmond, the fellow New Zealand meat company it is seeking to acquire.

Last week PPCS took out Richmond’s largest remaining shareholder, with a 12.57% stake, putting it well on its way to the 90% ownership it must secure before it will automatically acquire any outstanding shares.

PPCS has paid more than NZ$100m (US$) to acquire shares in Richmond, and has been trying to buy the company for six years.