Unilever Buys Remgro's Stake in its South African Business

09/22/17 10:24 AM EDT

By Adria Calatayud

 

Unilever PLC (ULVR.LN) announced Friday that it is buying Remgro Ltd.'s (REM.JO) 25.75% stake in Unilever South Africa Holdings (Pty) Ltd. in a deal valued at 11.9 billion rands ($894.0 million).

As part of the deal the owner of Dove, Domestos and Hellmann's brands will transfer its South African spreads business to Remgro and pay ZAR4.9 billion in cash. The transaction values Unilever's South African spreads business at ZAR7.0 billion.

Unilever South Africa Executive Vice President Luc-Olivier Marquet said the deal will give the company full ownership of the business, and make it better placed to accelerate that growth.

Shares in London at 1358 GMT up 17.50 pence, or 0.41%, at 4,279 pence.

 

Write to Adria Calatayud at adria.calatayudvaello@dowjones.com

 
 

(END) Dow Jones Newswires

September 22, 2017 10:24 ET (14:24 GMT)

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