Flour Mills Given Regulatory Approval For 76.75% Stake In Honeywell

The Flour Mills of Nigeria has disclosed that it has gotten the necessary regulatory approvals to acquire a 71.6 percent stake in Honeywell Flour Mills (HFMP) and another 5.06 percent stake in HFMP held by First Bank.

The firm revealed that the transaction has been "consummated by the parties".

The news is contained in a notification dated Friday, April 29, 2022, signed by Joseph Umolu, Flour Mill’s Company Secretary/Director of Legal Services, and sent to the Nigeria Exchange Group.

According to the press release, the acquisition has been approved by all relevant regulators, namely the Federal Competition and Consumer Protection Commission (FCCPC), Nigerian Exchange Limited (NGX), and the Securities and Exchange Commission of Nigeria (SEC).

Flour Mills is set to pay N4.2 per share for the 71.69% stake in the Honeywell which translates to a 13.5% premium to the N3.7 closing price reported on Friday on the Nigerian Exchange.