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Perpetual Limited (ASX:PPT) has snapped up cheap units in Fonterra Cooperative Group (ASX:FSF).
Funds managed by Perpetual bought about 1.26 million units, or 1.17 per cent, of Fonterra Shareholders' Fund for $7.3 million on August 5.
The purchase happened as the price plunged after the dairy company said some of its products may have been tainted by bacteria that can cause botulism.
The average purchase price was just under $5.83 per unit, and takes Perpetual's stake in the fund to almost 10 per cent.
The Fonterra fund's price has recovered since the dive, closing on the ASX yesterday at $6.20, meaning Perpetual's buy has already achieved an unrealised gain of some $470,000, or about 6.4 per cent.
Perpetual generated a net profit of $26.9 million in the first half of fiscal 2013.
