Flour Mills of Nigeria gets approval to acquire 76 percent stake in Honeywell.

Flour Mills of Nigeria Plc (FMN) has obtained the required regulatory approvals to acquire 71.69 per cent stake in Honeywell Flour Mills Plc (HFMP).

The company made this known in a statement by its Corporate Communications Officer, Mrs Modupe Thani, on Saturday.

According to Thani, the transaction, which has now been consummated by the parties, is aimed at creating a strong national champion for the food industry in Nigeria.

The acquisition has been approved by all relevant regulators, including the Federal Competition and Consumer Protection Commission (FCCPC), Nigerian Exchange Limited (NGX), and the Securities and Exchange Commission of Nigeria (SEC).

It added that Group Managing Director, FMN, Mr Boye Olusanya, expressed delight that approvals had been received, and that the company was ready for execution.

Amen J Kantiyok