Remgro acquires Unilever’s spreads business in Southern Africa
Investment company Remgro will sell its 25.75% interest in Unilever South Africa to the Unilever group, in exchange for full ownership of the Unilever spreads business in Southern Africa and R4.9-billion in cash.
The full value of the transaction is R11.9-billion, with the spreads business valued at R7-billion.
Remgro on Friday said that while the investment in Unilever South Africa has been profitable, Remgro’s inability to shape the strategic direction of the business has led it to conclude that it would create more value through full ownership and control of the spreads business.
Unilever Southern Africa’s spreads business markets and sells various brands, including Rama, Stork, Flora and Ronda. Remgro sees good growth prospects for these brands.
Remgro will use the cash proceeds from the sale for investment and/or capital management purposes.
The transaction is expected to close in the first quarter of 2018.
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