South African firm buys out 63 per cent of Dangote Flour Mills

South African consumer goods firm Tiger
Brands said on Tuesday Nigerian
authorities had cleared its 1.5 billion rand
($181.98 million) purchase of a majority
stake in Nigeria’s Dangote Flour Mills.
The deal, which is the firm’s third, is the biggest
in the Nigerian flour market.
“Tiger Brands believes, particularly for
consumer goods, that the potential of the
Nigerian market is significant,” the company
said in a statement.
Tiger Brands will acquire just over 63 percent of
Dangote Flour, a flour and pasta maker owned
by billionaire industrialist Aliko Dangote.
The company is the second largest flour milling
company in Nigeria with a market share of
about 30 percent. It also has about 40 percent of
the country’s pasta market.
Tiger Brands has been ramping up its expansion
in fast-growing African markets and last year
increased its footprint outside its home base
with acquisitions in Nigeria and Ethiopia.