Olam Makes US$330 million Offer For Dangote Flour Mill

Food and agri-business firm Olam International has made a final offer of around US$330 million (N120 billion) for Dangote Flour Mill. It had initially offered N130 billion.

Olam is looking to takeover the company as a wholly owned subsidiary. The firm has submitted the offer through its existing subsidiary Crown Flour Mills Ltd. 

Commenting on the offer Dangote Flour Mill stated, "The Board has carefully considered the Addendum and the Initial Offer ("Revised Offer') and will, subject to obtaining regulatory approvals, recommend the Revised Offer to the shareholders of the Company at the court-ordered meeting, for their consideration and approval." 

Olam already has a workforce of around 3,000 in Nigeria, having been founded in the country in 1989. Today it is one of the biggest suppliers of cocoa, coffee, cotton and rice globally, operating in over 60 countries and boasting a market value of US$4.5 billion.