CAP Plc, Premier Paints to merge into Nigeria’s biggest paint company

Chemical and Allied Products Plc and Portland Paints & Products Nigeria Plc are on track to execute a merger deal that will give rise to Nigeria’s biggest paint and chemical company by market capitalisation.

Equally, the deal will position the business to leverage the combined market shares and influence of the firms in delivering better shareholder’s value while pooling their assets together towards this end.assets, liabilities and business undertakings including real property and intellectual property rights to CAP,” the document added.

Portland Paints shareholders are at liberty to either receive N2.90 in cash for every share they own or accept one share in the enlarged entity in exchange for every eight they currently own.

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