The financial services group, Rivkin Financial Services, is reported to be the major shareholder holding out against Coca-Cola Amatil (CCA) as the soft drinks producer bids to take control of the Australian bottled water company, Neverfail Springwater.

The bid has stalled again, with CCA extending its deadline on the bid for a fourth time yesterday to July 15.

CCA requires acceptances for 90% of the shares before it can proceed to compulsory acquisition. It currently controls around 85%. Rivkin has announced that it is not going to sell its 7% stake. In combination with the Neverfail board, that makes a voting block holding out against the bid of almost 10%.