Acquisition of majority stake in Honeywell not breach of court order – Flour Mills

The announcement came in response to reports that Ecobank warned Flour Mills against the acquisition of Honeywell, because the company is facing winding up proceedings.Flour Mills of Nigeria Plc said its Monday’s declaration to assume majority stakeholder position in rival Honeywell Flour Mills was made following “necessary due diligence and obtaining appropriate legal guidance.”

“Stakeholders are therefore urged to maintain their trust in FMN’s management whose actions are guided by global best practices, as we work diligently to maintain the group’s sterling reputation as one of Nigeria’s leading and oldest agro-allied companies,” Flour Mills said.with Honeywell to buy out a 71.69 per cent interest in the latter and FBN Holdings’ 5.06 per cent stake in the entity all summing up to 76.75 per cent.

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