Olam pays N120bn to acquire Dangote Flour Mills




Shareholders of Dangote Flour Mills Plc (DFM), Monday approved the acquisition of the company by Crown Flour Mills Limited, the Nigerian subsidiary of global food and agri-business conglomerate, Olam International Limited after a whopping payment of N120 billion to the shareholders.

Olam International has made an offer for the acquisition of 100 per cent equity in Dangote Flour Mills Plc for a consideration of N24.00 per share. The acquisition was carried out through a Scheme of Arrangement.

Most of the shareholders who spoke at the meeting lauded the company’s Management for the noble decision, describing it as one, in the best interest of the shareholders.

Nona Awoh, a notable financial analyst and one of the shareholders of the company thanked the management on the offer of N24 per share and reminded other shareholders that the last time the share price of the company increased significantly to N20 per share was in the year 2010.

Another leader of the shareholders group, Mr. Boniface Solomon, described the deal as a very good one for the shareholders. He said the stock has really been struggling in view of the current realities in the nation’s economy, stating that the N24 per share is indeed a good price for his members.

Managing Director of Crown Flour Mills Limited, Anurag Shukia said his company intends to maintain and expand DFM’s business as well as provide enhanced manufacturing capacity and create synergies to deliver improved products to customers across the country.

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