Nelson-based Talley’s Group  appears to be  making  a full takeover  bid for meat  processor Affco  Holdings.

The family  controlled company has signed an agreement with Toocooya  Holdings , to buy its 23.5% stake in Affco  for  $43.86 million.

Toocooya Holdings controls the  agricultural investments of  the Spencer family, managed by John Spencer.

Talley’s already own a 52.8 % in Affco, so the  deal is expected to take its stake to  76.2%.

Affco operates  6 meat plants at Moerewa,  Horotiu,  Rangiruru,  Wairoa, Imlay and Manawatu.

It also has a joint venture  in Motueka with South Pacific Meats,  and operates  hide plants in Napier and  Wiri. The company employs more than 2,800 people.

Affco is the only remaining meat processing company listed on the  New Zealand stock exchange.

Last month, AFFCO reported  a net after tax profit of  $15.9 million for the six months  to March 31.

Talley’s began building its stake in AFFCO in 2001.