The wine closures to barrels company, Sabate Diosos, has acquired the Australian cooperage Schahinger. The takeover will be staged, with Sabate taking an initial 33% stake, moving on to 6% on 30 January 2004 and 100% on 31 January 2005. "Schahinger sold more than 8500 barrels in its financial year 2001/2002 with a turnover of A$7.2m and represents for Sabate Diosos an opportunity to develop its commercial and industrial presence on the Australian market through a well known local brand respected for its quality, in addition to the current Sabate Dioso cooperage brands," Sabate said in a statement.