Associated British Foods plans buyout offer for South Africa's Illovo Sugar - CNBC Africa

Associated British Foods plans buyout offer for South Africa's Illovo Sugar

Southern Africa

by Reuters 0

Associated British Foods plans buyout offer for South Africa's Illovo Sugar. Photo: Pixabay

South Africa's Illovo Sugar said on Monday it has received a non-binding expression of interest from its largest shareholder Associated British Foods to acquire the rest of the company's shares.

ABF, which holds a 51.35 percent stake in Illovo, intends to make an offer of 20 rand ($1.24) per share for the stake it does not yet hold, Africa's top sugar producer said in a statement, in a deal that would amount to around 4.1 billion rand.

Illovo shares rose 8.93 percent to 20.01 rand by 1338 GMT.

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