LAGOS, NIGERIA — A subsidiary of Olam International will pay N120 billion ($331 million) for Dangote Flour Mills Plc, according to Food Business Africa.
Shareholders approved the offer this week at a court ordered meeting in Lagos, Nigeria. In April, Olam had made an offer to acquire the shares it didn’t currently hold through its subsidiary Crown Flour Mills Ltd.
The deal includes 4,994,886,771 ordinary shares of 50 kobo each held by shareholders of Dangote Flour Mills Plc.
Anurag Shukia, managing director of Crown Flour, said his company intends to maintain and expand Dangote’s business as well as provide enhanced manufacturing capacity and create synergies to deliver improved products to customers across the country.
Dangote Flour Mills started operation in 1999 as a division of Dangote Industries Ltd. It has mills across Nigeria, including in Apapa, Ikorodu, Ilorin, Kano and Calabar.
It mills, processes and markets branded flour and offers downstream value-added products through subsidiary companies, including Dangote Pasta Ltd.