A process for preparing a water-in-oil emulsion which emulsion comprises oil and a hardstock fraction next to an aqueous phase. The process involves blending the melted hardstock fraction with a water-continuous dispersion comprising part or all of the oil and part or all of the aqueous phase and with a fat-continuous dispersion comprising the remainder of the oil and the remainder of the aqueous phase. The combined stream is mixed by a high shear mixer with short residence time.
