The New Zealand leathermaker Lowe has upped its stake in the country’s largest meat processor so as to protect its supplies of hides and skins.

In a security holder notice filed with the New Zealand Stock Exchange last week, the Hastings-based company increased its stake in Richmond Limited to 8%, giving the company 10% of the voting capital.   The move effectively blocked a takeover bid by the southern meat co-operative PPCS, which had been looking to take a majority stake in the Hawkes Bay-based meat processor, with an offer of NZ$3.05 per share.

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