Flour Mills of Nigeria Plc has received regulatory approval to acquire Honeywell Flour Mills Plc, a subsidiary of Honeywell Group.
The deal was first announced in November 2021.
In a statement sent by Honeywell to the Nigerian Exchange Limited (NGX Regco) on Friday, and signed by its Company Secretary, Yewande Giwa, the Group said Flour Mills had proposed to acquire a 71.69 percent stake in its subsidiary.
The Federal Competition and Consumer Protection Commission (FCCPC), NGX and the Securities and Exchange Commission of Nigeria (SEC), have now approved the deal.
Speaking on the transaction, Honeywell’s Group Managing Director, 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.
“We thank the NGX, FCCPC, and the SEC for their support and will continue our close collaboration with them across our various businesses and investments to deliver on the national vision of building a resilient economy through successful enterprise.”