South African consumer goods firm Tiger Brands has reached a deal to buy a majority stake in Nigerian flour and pasta maker Dangoteis.
In a stock exchange announcement yesterday (4 July), Tiger Brands said, if implemented, the transaction would result in the company purchasing a 63.35% stake in the listed company.
Go deeper with GlobalData
Further details on the deal are expected when it receives regulatory clearance.
The deal appears to be part of Tiger Brands’ expansion in Nigeria which was boosted in 2011 when the company bought food manufacturing company Deli Foods. The company also owns a 49% stake in UAC Foods Nigeria, a branded food products manufacturing company.
In May, the firm’s CEO Peter Matlare said the company was looking to expand into Africa to increase revenue from its operations outside South Africa to 30% of total sales over the next five to ten years as the home market slows, Bloomberg has said.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
