Kingsmill owner Associated British Foods (ABF) has confirmed that its proposal to move to full ownership of Illovo Sugar will go ahead.
In April, ABF announced it would spend £262m to buy up the remaining stake in Illovo Sugar, the largest sugar producer in Africa. Before that time ABF had owned a majority stake in Illovo since 2006, but it now has full ownership after acquiring the remaining 48.65%.
ABF has received the requisite shareholder approvals in South Africa, where Illovo is based, at a shareholder general meeting held this week.
The transaction is expected to complete on 28 June, with shares in Illovo ceasing to trade on the Johannesburg Stock Exchange from that date.