South Africa's Illovo Sugar said on Friday its largest shareholder, Associated British Foods, has agreed to buy the remaining stake in the company for 5.6 billion rand ($370 million).
Illovo Sugar says AB Foods to buy remaining stake
Illovo, which has been cutting costs to survive low sugar prices, said AB Foods plans to fund the offer from its cash resources and existing facilities.
Illovo Sugar says AB Foods to buy remaining stake
AB Foods, which holds a 51.35 percent stake in Illovo, has made an offer of 25 rand ($1.65) per share for the stake it does not own, Africa's top sugar producer said in a statement.
AB Foods first announced its intentions in February to buy the rest of Illovo Sugar for about 4.1 billion rand.
Illovo's shares surged more than 18 percent at 24.24 rand by 0706 GMT, their highest level in a year and on course for their biggest daily gain since 1994.
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($1 = 15.1353 rand)
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