12 °c
London
Saturday, September 23, 2023
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Africa

Associated British Foods to buy rest of Illovo Sugar

FurtherAfrica by FurtherAfrica
April 8, 2016
in Africa, Agriculture, Economy, Eswatini, FDI, Finance, Industry and Commerce, M&A, Malawi, Mozambique, Natural Resources, SADC, South Africa, Tanzania, Zambia
Reading Time: 1 min read
1.1k 11
0
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

Associated British Foods announced on Friday morning that it had reached agreement with the board of Illovo Sugar to acquire the 48.65% interest in Illovo that it did not already own.

The FTSE 100 firm acquired a majority shareholding in Illovo in 2006, and flagged the acquisition of the remainder on 8 February and 18 March this year.

ABF’s board said the agreed offer price per share was ZAR 25, representing a total consideration of ZAR 5.6bn (£262m) to be settled in cash.

Illovo remains the largest sugar producer in Africa, and is listed on the Johannesburg Stock Exchange. It has leading market positions in South Africa, Malawi, Zambia and Swaziland and a strong presence in Mozambique and Tanzania.

“Africa is a growth market for sugar, driven by increasing populations and rising incomes,” ABF’s board said in a statement.

“Illovo is well-positioned to capitalise on this growth although high global sugar stocks, low world sugar prices and forthcoming changes to the EU sugar regime have created a challenging trading environment.

Illovo Nakambala sugar factory which in the current 2014/15 season produced a record 424 000 tons of sugar.
Illovo Nakambala sugar factory which in the current 2014/15 season produced a record 424 000 tons of sugar.

“AB Sugar has a strong track record of commercial development and delivering performance improvement programmes, and believes that full ownership will accelerate Illovo’s progress in these areas,” it added.

The transaction was expected to be implemented by way of a scheme of arrangement, which would be subject to Illovo minority shareholder approval at an extraordinary meeting in May.

ABF said Illovo shareholders representing a majority of minority shares had provided undertakings to vote, or to recommend to their clients to vote, and Illovo directors who own shares had agreed in principle to vote in favour of the proposal.

Source: London South East

Related

Tags: ABFAcquisitionAssociated British FoodsIllovoJohannesburg Stock ExchangeMalawiMozambiqueSouth AfricasugarSwazilandTanzaniaZambia
ScanSendShare450Tweet281Share79Pin101Send
FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

Related Posts

Weekend

Top 5 islands in Kenya you must visit

by See Africa Today
September 23, 2023
Weekend

6 stunning beaches in Egypt to visit in 2023

by See Africa Today
September 23, 2023
The Forbes Billionaires’ list: Africa’s richest people 2022
Development

Opportunity through adversity: 8th annual Africa risk-reward index

by Rafael Carvalho
September 23, 2023
Tech

Elon Musk’s Starlink is off to a bright start in Africa

by The Exchange
September 22, 2023
Africa

Nigeria’s smart city dream gets US$200M boost from Afreximbank

by The Exchange
September 22, 2023
Mozambique eVisa
 
MozParks

Translate this page

Read the Latest

Weekend

Top 5 islands in Kenya you must visit

by See Africa Today
September 23, 2023
0

Kenya is a small paradise teeming with beautiful landscapes, rich culture and breathtaking sceneries, not forgetting some of the best...

Read more

6 stunning beaches in Egypt to visit in 2023

September 23, 2023
The Forbes Billionaires’ list: Africa’s richest people 2022

Opportunity through adversity: 8th annual Africa risk-reward index

September 23, 2023

Elon Musk’s Starlink is off to a bright start in Africa

September 22, 2023

Nigeria’s smart city dream gets US$200M boost from Afreximbank

September 22, 2023

FurtherAfrica Partners Network

The Exchange Farmers Review Africa 360 Mozambique
TechGist Africa Energy Capital & Power Club of Mozambique
Taarifa Rwanda Web3Africa See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
O Económico Digilogic Africa  

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 107.3K other subscribers
FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
 

Loading Comments...