Fonterra, a dairy co-operative in New Zealand, has increased its stake to 9.06% in Australian dairy firm Bega Cheese.
The co-operative said in a statement to the Australian Securities Exchange that it has purchased an additional three million shares at A$4.89 per share.
This move comes after Fonterra acquired a 6% stake in Bega Cheese for A$46m earlier this month.
Fonterra CEO Theo Spierings then said, "Australia is an important market for Fonterra, and we are committed to growing our already strong presence.
"There has recently been a lot of consolidation activity in the Australian dairy industry."
Fonterra currently owns Bega brand license with a substantial supply contract for cheese. It sells cheese, yogurts and dessert products in Australia, and has a strong presence in milk powder and other dairy ingredients segments.
Earlier this week, the co-operative finalised the purchase of the assets of Tasmanian yogurt business, Tamar Valley Dairy.