Dangote surges on Tiger Brands deal
IOL Business - Jul 6th 2012, 08:17
Shares in Dangote Flour Mills climbed to their highest level in five weeks, after South Africa's biggest consumer foods maker Tiger Brands said it had reached a deal to acquire a majority stake in the Nigerian wheat and pasta maker, helping lift the overall stock index to a month high.
Dangote Flour, owned by billionaire industrialist Aliko Dangote, jumped 4.87 percent to 6.24 naira, almost the maximum five percent daily limit. It is valued it at 31.2 billion naira ($191 mln), helping move the all-share index up 0.34 percent to 22,022 points by 1226 GMT.
“The announcement of a potential acquisition by Tiger Brands firmed up the price of Dangote Flour ... this trend is likely to continue,” said Lagos-based brokerage firm Afrinvest.
Tiger said late on Wednesday it planned to acquire a 63.35 percent stake in the Flourmiller from Dangote's privately-held Dangote Industries Limited. It did not disclose the acquisition cost but said the deal was subject to regulatory approval. -Reuters
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