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Acquisition: Honeywell shares up 9.73%

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Honeywell Flour Mills Plc shares have appreciated by 9.73% barely an hour after the trading session resumed for the day.

The spike in the share price of the fast-moving consumer goods company comes after the announcement of the agreement on the acquisition of Honeywell Flour Mills Plc by Flourmills Nigeria Plc.

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Nairametrics reported that Flourmills Nig Plc and Honeywell Group Limited announced through a press release that both companies have signed an agreement that will allow Flourmills Nig Plc to acquire 71.69% stake in Honeywell Flour Mills Nigeria Plc for N80 billion.

The press release stated thus: “For the proposed combination of FMN through its affiliates and Honeywell Flour Mills Plc (“HFMP”), a portfolio company of HGL. At a total enterprise value of NGN80 billion, HGL will dispose of a 71.69% stake in HFMP to FMN.

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What this means

Investors are starting to react positively towards the announcement as we see buy interests in the shares of Honeywell Flour Mills Plc from N3.39 per share to around N3.72 per share. While the shares of Flourmills Nigeria remained unchanged.

More details later…

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