Reuters: Financial Services and Real Estate: UPDATE 1-Tiger Brands in talks with Dangote over flour unit

Reuters: Financial Services and Real Estate Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

UPDATE 1-Tiger Brands in talks with Dangote over flour unit May 7th 2012, 14:11 Mon May 7, 2012 10:11am EDT * Shares in Dangote Flour rise over 4 pct * Tiger Brands already done due diligence - sources (Adds details,) JOHANNESBURG May 7 (Reuters) - South Africa's biggest consumer foods maker Tiger Brands said on Monday it is in talks with Dangote Industries over the Nigerian conglomerate's stake in its flour milling unit. The talks come amid reports that Tiger Brands is bidding for an 80 percent stake in Dangote Flour Mills, which makes pasta and flour in Africa's most populous country. Shares in Dangote Flour Mill jumped 4.64 percent to 4.96 naira by 1356 GMT, their highest level in more than six weeks. Tiger Brands was little changed at 288.21 rand. Johannesburg-based Tiger Brands did not give further details, saying developments would be reported to shareholders. Buying all or part of Dangote Flour Mills would give the maker of bread, breakfast cereal and energy drinks a substantial presence in the Nigerian food market. Dangote has the milling capacity of 4,800 metric tons per day, producing wheat flour, confectionary flour, bread flour and pasta semolina Banking and company sources told Reuters that Tiger Brands has already done a due diligence and FirstRand's investment arm Rand Merchant Bank is its advisor. (Reporting by Tiisetso Motsoeneng in Johannesburg and Chijioke Ohuocha in Lagos; Editing by Jon Herskovitz) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions