Canadian dairy giant Saputo’s takeover of Warrnambool Cheese and Butter is moving ahead, with the overseas company now owning more than 9.6 per cent of its target.

Saputo is offering $9 for each Warrnambool share, and $9.20 if more than half of Warrnambool’s shareholders take up the offer.

The Canadian company now holds 9.65 per cent of Warrnambool shares, up from 4.8 per cent earlier this week.

The Canadian company is in a three-way tussle for Warrnambool, with Australian companies Bega Cheese and Murray Goulburn also bidding.

Murray Goulburn is offering $9.50 for each Warrnambool share while Bega is offering 1.5 of its shares plus $2 cash for each Warrnambool share.

At 1430 AEDT, Warrnambool shares were down six cents at $9.26.