{"id":184046,"date":"2022-04-30T10:32:30","date_gmt":"2022-04-30T09:32:30","guid":{"rendered":"https:\/\/www.withinnigeria.com\/news\/?p=184046"},"modified":"2022-04-30T10:32:30","modified_gmt":"2022-04-30T09:32:30","slug":"flour-mills-acquires-76-stake-in-honeywell","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/news\/2022\/04\/30\/flour-mills-acquires-76-stake-in-honeywell\/","title":{"rendered":"Flour Mills acquires 76% stake in Honeywell"},"content":{"rendered":"<p>Flour Mills of Nigeria Plc (FMN) has secured the necessary regulatory clearances to purchase a 71.69% share in Honeywell Flour Mills Plc (HFMP), a former Honeywell Group portfolio company.<\/p>\n<p>Mrs Modupe Thani, the company&#8217;s Corporate Communications Officer, said this on Saturday.<\/p>\n<p>In addition, the corporation bought a <a href=\"https:\/\/www.withinnigeria.com\/news\/2021\/11\/24\/loans-ecobank-warns-flour-mills-against-honeywell-deal\/\">5.06 percent share in HFMP<\/a> from First Bank of Nigeria Limited.<\/p>\n<p>According to Thani, the transaction, which has already been completed by the parties, aims to establish a powerful national champion for Nigeria&#8217;s food industry.<\/p>\n<p>All relevant agencies, including the Federal Competition and Consumer Protection Commission (FCCPC), Nigerian Exchange Limited (NGX), and the Securities and Exchange Commission of Nigeria, have approved the transaction (SEC).<\/p>\n<p>\u201cAn announcement was made on Nov. 22, 2021, regarding their agreement to the transaction which would bring together two businesses with shared goals to create a more resilient national champion in the Nigerian food industry.<\/p>\n<p>\u201cThis acquisition enables FMN to extend its reach across Nigeria, provide enhanced manufacturing capacity, and create synergies to deliver improved products to consumers.<\/p>\n<p>\u201cAt a total enterprise value of N80 billion, Honeywell Group disposed a 71.69 per cent stake in HFMP to FMN.<\/p>\n<p>\u201cGiven FMN\u2019s parallel negotiation for both stakes, culminating in the agreements being executed, the transaction was concluded at N4.20 being the final equity price per share,\u201d the company revealed.<\/p>\n<p>It added that Mr Boye Olusanya, Group Managing Director, FMN, expressed delight that approvals had been received, and that the company was ready for execution.<\/p>\n<p>He said the landmark transaction would strengthen Nigeria\u2019s food security architecture and overall competitiveness.<\/p>\n<p>\u201cOur combined brands and businesses will mean an expansive scale of food production for both Nigeria and Africa and together, Flour Mills of Nigeria and Honeywell Flour Mills will be able to achieve rapid growth while maintaining high-quality products serving the evolving needs of our consumers.<\/p>\n<p>\u201cThe acquisition will further serve as a catalyst for an even stronger stream of innovation that is focused on local content offerings, enabling our customers across the nation to seamlessly benefit from improved access to a wider product range and a robust pan-Nigerian distribution network.<\/p>\n<p>\u201cNigeria, and Africa as a whole, will benefit from the group\u2019s renewed focus on developing agricultural value Chains and backward integration imperative.<\/p>\n<p>\u201cThis focus is further heightened by unfolding global events, and we are responding, among other initiatives, with the set-up of regional expansion platforms, ultimately geared towards improving food security and employment opportunities across Nigeria,\u201d the statement quoted him as saying.<\/p>\n<p>Honeywell\u2019s Group Managing Director, Mr Obafemi Otudeko, was also quoted as saying that the deal struck would create a business that would serve Nigerian consumers better.<\/p>\n<p>\u201cAs we entrust Flour Mills of Nigeria with building on Honeywell Flour Mills\u2019 strong legacy, we will work closely with them to ensure a seamless integration, setting the combined company up for a successful future.<\/p>\n<p>\u201cWe 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,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Flour Mills of Nigeria Plc (FMN) has secured the necessary regulatory clearances to purchase a 71.69% share in Honeywell Flour Mills Plc (HFMP), a former Honeywell Group portfolio company. Mrs Modupe Thani, the company&#8217;s Corporate Communications Officer, said this on Saturday. In addition, the corporation bought a 5.06 percent share in HFMP from First Bank [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":184054,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_override_bookmark_settings":[],"jnews_override_counter":[],"footnotes":""},"categories":[16587],"tags":[36556,34149,23210,23212],"class_list":["post-184046","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-76-stake","tag-acquires","tag-flour-mills","tag-honeywell"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.8 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Flour Mills acquires 76% stake in Honeywell<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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