The soft drinks group, Coca-Cola Amatil (CCA), said on Friday that it now has 73.23% of the voting shares in Neverfail Springwater, against the 60.55% it had on Thursday, bringing the company closer to the 90% of the issued capital it needs before it can go ahead with the compulsory acquisition of the remaining shares.

The Neverfail board has continued to recommend that remaining shareholders reject CCA's A$2.35-a-share bid. Neverfail now believes it would be better off with CCA as a controlling shareholder but that the remaining minority shareholders would benefit from retaining their shares. Neverfail is planning to make a more detailed statement on Monday.