Olam offers N130b to acquire Dangote flour mill

Olam International, a Singaporean agro-allied company, has offered N130 billion to acquire Dangote Flour Mill (DFM).

Dangote Flour Mills, in a notice to the Nigerian Stock Exchange (NSE), said that the total consideration offered by Olam to acquire its five billion shares was N130 billion.

Olam, through its subsidiary Crown Flour Mills, currently owns over five million shares of Dangote Flour Mills and is bidding to take over the entire company.

It stated that Olam was bidding to acquire all the outstanding and issued shares of DFM that were not currently owned by Olam through its subsidiary, Crown Flour Mills Limited.

The notice signed by Mr Thabo Mabe, a director, said that the transaction would be on the basis of debt free, cash free, payable in cash at the closing of the proposed transaction.

The deal, according to Dangote Flour, would be on the basis of debt free, cash free at the end of the transaction, which means working capital and debt value would…