Nigeria flour maker to recommend Olam's $491m buy offer to shareholders

Olam operates wheat milling and flour and pasta manufacturing in Nigeria and Sub-Saharan Africa.
Olam operates wheat milling and flour and pasta manufacturing in Nigeria and Sub-Saharan Africa.PHOTO: OLAM INTERNATIONAL

SINGAPORE - Agri and food giant Olam International said on Monday morning (April 29) that the board of Nigerian flour and pasta manufacturer Dangote Flour Mills (DFM) has considered the binding offer for Olam to fully acquire DFM for 130 billion naira (S$491.09 million).

DFM's board will recommend the offer to its shareholders for consideration, subject to obtaining regulatory approvals.

Olam announced on April 23 that it had submitted the binding offer for the proposed acquisition, which would include DFM's five flour and pasta manufacturing facilities and its logistics capabilities, including access to the ports of Apapa and Calabar.

Olam operates wheat milling and flour and pasta manufacturing in Nigeria and Sub-Saharan Africa.

Shares of Olam International closed flat at $1.98 on Friday.