Unilever Buys Remgro's Stake in its South African Business
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.
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(END) Dow Jones Newswires
September 22, 2017 10:24 ET (14:24 GMT)Copyright (c) 2017 Dow Jones & Company, Inc.