{"id":14941,"date":"2012-09-25T16:55:36","date_gmt":"2012-09-25T14:55:36","guid":{"rendered":"http:\/\/www.myza.co.za\/09\/update-2-nigerian-regulators-approve-tiger-brands-dfm-deal\/"},"modified":"2012-09-25T16:55:36","modified_gmt":"2012-09-25T14:55:36","slug":"update-2-nigerian-regulators-approve-tiger-brands-dfm-deal","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/update-2-nigerian-regulators-approve-tiger-brands-dfm-deal\/","title":{"rendered":"UPDATE 2-Nigerian regulators approve Tiger Brands DFM deal"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>(Adds Aliko Dangote remaining as chairman)<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p><span class=\"articleLocation\">JOHANNESBURG, Sept 25<\/span> (Reuters) &#8211; South African consumer<br \/>\ngoods firm Tiger Brands said Nigerian authorities had<br \/>\ncleared its 1.5 billion rand ($181.98 million) purchase of a<br \/>\nmajority stake in Nigeria&#8217;s Dangote Flour Mills.<\/p>\n<p><span><\/span><\/p>\n<p>The deal is Tiger Brands&#8217; third and its biggest yet in<br \/>\nNigeria, Africa&#8217;s most populous country and second-largest<br \/>\neconomy which is seen as a growth area for consumer and food<br \/>\nproducts.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;Tiger Brands believes, particularly for consumer goods,<br \/>\nthat the potential of the Nigerian market is significant,&#8221; the<br \/>\ncompany said in a statement on Tuesday.<\/p>\n<p><span><\/span><\/p>\n<p>Tiger Brands will acquire just over 63 percent of Dangote<br \/>\nFlour, a flour and pasta maker owned by billionaire<br \/>\nindustrialist Aliko Dangote.<\/p>\n<p><span><\/span><\/p>\n<p>His holding firm Dangote Industries Limited will retain a 10<br \/>\npercent stake in the flour miller after the purchase and keep<br \/>\nAliko Dangote as chairman.<\/p>\n<p><span><\/span><\/p>\n<p>The company is the second largest flour milling company in<br \/>\nNigeria with a market share of about 30 percent. It also has<br \/>\nabout 40 percent of the country&#8217;s pasta market.<\/p>\n<p><span><\/span><\/p>\n<p>Tiger Brands has been ramping up its expansion in<br \/>\nfast-growing African markets and last year increased its<br \/>\nfootprint outside its home base with acquisitions in Nigeria and<br \/>\nEthiopia.<\/p>\n<p><span><\/span><\/p>\n<p>Dangote Flour shares rose 4.95 percent to 8.48 naira at 1130<br \/>\nGMT, valuing the company at $256 million, and Tiger Brands<br \/>\nshares were up 0.5 percent to 270.90 rand.<br \/>\n ($1 = 8.24 South African rand)<br \/>\n ($1 = 157.80 Nigerian nairas)<\/p>\n<p> (Reporting by Ed Stoddard; Additional reporting by Oludare<br \/>\nMayowa in Lagos; Editing by Hans-Juergen Peters)<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Adds Aliko Dangote remaining as chairman) JOHANNESBURG, Sept 25 (Reuters) &#8211; South African consumer goods firm Tiger Brands said Nigerian authorities had cleared its 1.5 billion rand ($181.98 million) purchase of a majority stake in Nigeria&#8217;s Dangote Flour Mills. The deal is Tiger Brands&#8217; third and its biggest yet in Nigeria, Africa&#8217;s most populous country [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-14941","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14941","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=14941"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14941\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=14941"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=14941"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=14941"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}