ABF’s Illovo acquisition confirmed

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. 

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