FOLLOWING receipt of all requisite regulatory approvals, Flour Mills of Nigeria Plc (FMN) has acquired a 71.69 per cent stake in Honeywell Flour Mills Plc (HFMP) from three entities related to Honeywell Group and the transaction has now been consummated. With this acquisition, HFMP ceases to be a member of the Honeywell Group. Honeywell Group disposed of a 71.69 per cent stake in HFMP to FMN at an equity price of N4.20 per share. Commenting on the transaction, Honeywell Group’s Managing Director, Mr. Obafemi Otudeko said: “We are pleased to have secured regulatory approvals for the transaction, which will create a business that further serves Nigerian consumers. As we entrust Flour Mills of Nigeria with building on Honeywell Flour Mills’ strong legacy, we will work closely with them to ensure a seamless integration, setting the combined company up for a successful future.

Source: Nigerian Tribune May 02, 2022 05:02 UTC