Shares in Dangote Flour Mills extend gains for the fifth day, climbing to their highest level in more than six weeks, after South Africa's biggest consumer foods maker Tiger Brands says it is in talks with the Nigerian conglomerate to acquire its flour unit.
Tiger Brands has already done a due diligence and is looking to acquire an 80 percent stake in the flour mills, appointing FirstRand's investment arm Rand Merchant Bank is its advisor, sources say.
Dangote Flour Mills gains 4.84 percent to 5.20 naira, valuing the wheat flour and pasta maker at 26 billion naira ($165 million) and helping lift the all-share index 1.02 percent to 22,802.06 points at 14:02 SA time. - Reuters