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Flour Mills of Nigeria to buy majority stake in rival Honeywell

Flour Mills of Nigeria plans to acquire a 71.69% stake in rival Honeywell Flour Mills at an enterprise value of 80 billion naira ($193.7 million), the companies said on Monday.

A further 5.06% stake in Honeywell Flour Mills will be bought from FBN Holdings, Flour Mills of Nigeria said in a separate statement.

Honeywell will retain its listing on the Nigerian stock exchange after the deal, the companies said.

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