The Bega Cheese Ltd (ASX: BGA) share price continued its solid run and finished the day 1% higher at $7.48 on Wednesday.
This means the food company's shares have now risen 76% year-to-date.
Why did its shares climb higher?
This afternoon Bega announced that it now owns over 93% of the shares in Peanut Company of Australia and will proceed to full ownership through compulsory acquisition.
The $12 million acquisition of the peanut grower will give Bega a complete supply chain for its peanut butter, with farm and processing infrastructure in Queensland and manufacturing facilities in Port Melbourne.
This is another positive step forward for the company following its acquisition of Vegemite earlier this year.
That acquisition is expected to lead to an acceleration in earnings growth in FY 2018.
