New Zealand frozen food company Talley’s Fisheries plans to increase its stake in meat company Affco to almost 38%.

It is the second time Talley’s has tried to acquired Hugh Green Investment’s stake in Affco, having previously tried in 2002.

“Hugh’s been a long-term shareholder in Affco and we tried to purchase it last year but we were unsuccessful, it didn’t get past the shareholder vote.

“So we’d already declared an interest in that stake, he was a seller this time, so it’s now subject to shareholder approval again,” director Andrew Talley told the New Zealand Press Association.

The purchase of the 62.6 million-share stake in Affco would cost NZ$15.65m (US$9.08m) and would raise Talley’s current 26.38% stake to 37.95%.

The proposed share purchase will be put to shareholders by the end of July.

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