Talleys close to target

Fishing company Talleys is edging closer to its 50.01 per cent target in its takeover of meat company Affco.

The latest substantial shareholder notice shows Talleys now holds 49.05 per cent of Affco.

It has added just 0.89 of a per cent to its holding since the last disclosure two weeks ago. The 39c a share offer closes on May 31.

Market commentators speculated this month that the bid had stalled, despite Affco reporting a sharply lower half-year profit - down 75 per cent to $3.6 million in the six months to March - during the course of the bid.