THE WHAT? PZ Cussons has announced that it has made an offer to acquire the minority-held shares of its Nigerian unit. On completion, the UK manufacturer of St Tropez will de-list the business from the Nigerian stock exchange.
THE DETAILS Minority shareholders’ combined stake equates to 26.73 percent of issues share capital and PZ Cussons has offered N21 per share, subject to prevailing market conditions – equivalent to £22.8 million.
THE WHY? PZ Cussons said that the offer is an attractive one given the recent macroeconomic developments and foreign exchange challenges and the move is part of the focus to deliver against its strategy and create sustainable shareholder value.