Just In: Flour Mills Takes Over Honeywell After Acquiring First Bank’s Shares

Flour Mills of Nigeria Plc has become the new owner of Honeywell Flour Mills PLC, after the company reached an agreement with Honeywell Group Ltd and First Bank Holdings Group.

Flour Mills became the owner after acquiring 71.69 per cent shares in Honeywell Group, the majority shareholder of Honeywell.

First Bank Holdings also sold its 5.06 per cent shares in Honeywell Flour Mills Plc to Flour Mills of Nigeria Plc.

The deal was announced in a notice posted on the Nigerian Exchange Ltd.

With the deals sealed, Flour Mills boast of 76.75 per cent equity in Honeywell making it the new owner of the company involved in manufacturing of food and agro-allied products.

Honeywell are the makers of Honeywell Superfine Flour, Honeywell Wheat Meal, Honeywell Semolina, Honeywell Noodles, Honeywell Pasta, Honeywell Composite flour and Honeywell Brown Flour.

Flour Mills said the deal is subject to “obtaining all regulatory approval.”

Flour Mills said, “Given FMN’s parallel negotiations for both stakes culminating in the agreement being signed on the same date, the basis for arriving at key commercial terms including final equity price per share, will be the same.

“The price payable to FBN Holdings will be the same with HGL’s.”

Honeywell Flour last traded at N3.72 per share, while Flour Mills shares traded at N29.25 per share.