Flour Mills of Nigeria Plc. has completed the acquisition of a 71.69% stake in Honeywell Flour Mills Plc. and a 5.06% stake in HFMP held by First Bank of Nigeria Limited after getting necessary approvals from regulators. The acquisition was approved by the Federal Competition and Consumer Protection Commission, Nigerian Exchange Limited and the…
The acquisition was approved by the Federal Competition and Consumer Protection Commission, Nigerian Exchange Limited and the Securities and Exchange Commission of Nigeria. This acquisition enables FMN to extend its reach across Nigeria, provide enhanced manufacturing capacity and create synergies to deliver improved products to consumers. At a total enterprise value of ₦80 billion, Honeywell Group disposed a 71.69% stake in HFMP to FMN.
“We commend and thank all regulatory and approving bodies – FCCPC, SEC and NGX, for supporting this historic vision.”
Wao.
Good for their chairman so he can free up funds to pay his debts with FBN
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