Flour Mills Picks Most of Honeywell from Oba Otudeko
Flour Mills has acquired a majority stake in Honeywell: “For the proposed combination of FMN through its affiliates and Honeywell Flour Mills Plc (“HFMP”), a portfolio company of HGL. At a total enterprise value of NGN80 billion, HGL will dispose of a 71.69% stake in HFMP to FMN.” These things happen in Nigeria and this one did not come as a surprise.
I alluded to this day when I wrote that with the Central Bank of Nigeria changing the guards in First Bank of Nigeria where Oba Otudeko was the key person, Honeywell may struggle through the flanks, due to its debts. Mr. Otudeko owned most of Honeywell.
Yet, the consumer protection agency must check how this combination could affect prices in the market.
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