Lactalis had agreed in October 2012 to buy a 50.3% stake in the dairy from financial firms NFD Holding and KD Group, the bank Factor banka and conglomerate Sava for an undisclosed sum.

Its bid came after a joint bid by Slovenian cooperatives and the bank Deželna banka Slovenije failed. They managed to increase their stake in the dairy by 4.44% to 36.41%.

The competition watchdog said in a decision issued Wednesday that the takeover is in line with competition regulations.

According to law, Lactalis will now have to publish a takeover bid for the outstanding shares.