Appaloosa, founded by the billionaire investor David Tepper, has purchased a 7.35% stake in US dairy processor Dean Foods.

A filing with the New York Stock Exchange on Friday (7 January) showed Appaloosa Management held 13.4m shares in the company as of 28 December.

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Dean Foods shares rose more than 11% on news of the purchase Friday to reach US$9.89.

The dairy giant has struggled in recent months amid rising commodity costs and fierce competition in the own-label milk category. The firm’s net income has declined year-on-year for the last four quarters.

Last week, meanwhile, it was announced that Dean Foods had sold its customer-brand yoghurt business to Schreiber Foods.

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