UPDATE 1-Top Almarai shareholders stakes fall after takeover

(Adds Almarai comment)

RIYADH, Oct 18 (Reuters) - The two biggest shareholders in Saudi dairy firm Almarai Co 2280.SE saw their stakes in the firm fall by a combined 3 percent after it completed a $253.2 million takeover of a local listed firm.

Official stock exchange data showed that Prince Sultan Mohamed Saud al-Kabeer al-Saud's stake in the company fell to 28.6 percent from a previous 30.2 percent.

Savola Group 2050.SE also saw its stake in in Almarai decline to 26.5 percent from 27.9 percent, the data showed.

An Almarai official said the drop was due to the emission of 6 million new shares to help fund the acquisition of Hail Agricultural Development Co 6030.SE (Hadco) the completion of which was announced by Almarai on Saturday.

"The emission of these shares diluted shareholders' stakes," he said.

Almarai has agreed to pay Hadco shareholders one new Almarai share plus 2.5 riyals for each existing five Hadco shares.

The takeover bid was completed after Hadco shareholders approved it through both remote voting and an assembly held on Thursday.