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Bega Cheese will take control of Queensland peanut grower Peanut Company of Australia (PCA) under compulsory acquisition after taking its stake past 90 per cent.

Bega Cheese announced the $12 million takeover in November and on Wednesday said it now owns more than 93 per cent of PCA shares, and will proceed to full ownership through compulsory acquisition.

The deal will give Bega a complete supply chain for its peanut butter, with farm and processing infrastructure in Kingaroy and Tolga in Queensland and manufacturing facilities in Port Melbourne.

Executive chairman Barry Irvin said the acquisition would also enable Bega to expand the production of peanuts in Queensland.

“This means more farmers, larger crops and secure manufacturing jobs in Queensland,” Mr Irvin said in a statement.

Bega shares gained eight cents, or 1.1 per cent, to $7.48.