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Tiger Brands to boost stake in Dangote Flour

Companies

Lagos - South Africa's Tiger Brands is seeking to raise its stake in the Nigerian Dangote Flour Mills through a takeover bid, a notice by its financial advisor said on Friday.

Tiger Brands bought a 63.35 percent stake in the firm in 2012 from Dangote Industries, owned by Africa's richest man, Aliko Dangote, for $181.9 million.

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A worker lifts a bag of flour at the Dangote flour mill in Apapa district in Nigeria's commercial capital of Lagos.

The latest bid by the company seeks to raise its ownership to around 70 percent through the purchase of an additional 332.5 million ordinary shares at 9.50 naira ($0.06) per share, the public notice said.

Nigerian advisory services company Vetiva Capital said the bid would take place between Friday and the end of the month. - Reuters

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