Foresight At Work Unilever set to acquire N43billion shares

The British–Dutch consumer goods company wants to increase its stake in its Nigerian entity to 75%.

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Following  its  anticipation  of  economic  growth  in Nigeria, Unilever  is  planning to  increase  its stake  in its Nigerian unit by as much as 25 percent. 

Should this plan succeed, the  company's stake in Unilever Nigeria plc, which is currently 50.05 percent would go up to about 75 percent.

The deal, which is valued at N42.97 billion (about $218 million), will confer the parent company even more control over its Nigerian unit, however, the company will remain on the listing of the Nigerian stock exchange.

According  to  the  Executive  Vice  President  of  Unilever  Africa,  Bruno  Witvoet,  the  move  by Unilever demonstrates the company's commitment to its Nigerian unit as well as its confidence in the  long term  growth  potential  of Unilever Nigeria  plc  and the  consumer  goods sector  in Nigeria.

At the moment, Unilever  has  yet to  execute the  acquisition  plan  because  both the Nigerian Stock Exchange and the Nigerian Securities and Exchange Commission are yet to approve the company’s proposal.

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