Tiger Brands to buy majority stake in Dangote
July 5, 2012
SANDTON, SOUTH AFRICA — Tiger Brands Ltd., South Africa’s biggest food maker, has reached an agreement with Dangote Industries Ltd. to acquire a 63.4% stake in Dangote Flour Mills P.L.C., a leading company in the Nigerian flour and pasta markets. The proposal was submitted to Nigeria’s Securities and Exchange Commission on July 4 for approval. Acquiring a part of Dangote Flour Mills would give Tiger Brands a substantial presence in the Nigerian food market. Dangote has milling capacity of 4,800 tonnes per day, producing wheat flour, confectionery flour, bread flour and pasta semolina.