Kayode Tokede
Flour Mills of Nigeria (FMN) Monday announced it had signed an agreement to acquire 71.69 per cent stake in Honeywell Group’s portfolio company, Honeywell Flour Mills Plc (HFMP), in a deal worth N80 billion.
The two flour processing companies in a joint statement noted that the transaction aims to create a strong national champion for Nigeria to further enhance food security.
The statement said Honeywell Group Limited had agreed to sell 71.69 per cent stake in Honeywell Flour Mills to Flour Mills of Nigeria Plc.
The statement obtained by THISDAY read: “For the proposed combination of FMN through its affiliates and Honeywell Flour Mills Plc. (HFMP), a portfolio company of HGL. At a total enterprise value of N80 billion, HGL will dispose of a 71.69per cent stake in HFMP to FMN.”
The statement noted that the proposed combination was subject to approval from the appropriate regulators.
Details later…
