8th Feb 2016 14:23
LONDON (Alliance News) - Associated British Foods PLC on Monday confirmed it intends to make an offer to acquire the remaining shares of Illovo Sugar Ltd which it doesn't already own.
AB Foods holds a 51% stake in Illovo and plans to make a cash offer of ZAR20 per share to acquire the South African-based sugar producer's remaining shares.
"At this stage there can be no certainty that the discussions will result in a transaction. A further announcement will be made in due course," AB Foods said.
AB Foods owns discount fashion retailer Primark and British Sugar.
Shares in AB Foods were trading down 1.4% at 3,054.00 pence on Monday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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