JOHANNESBURG - South Africa's Illovo Sugar said on Monday it has received a non-binding expression of interest from its largest shareholder Associated British Foods to acquire the rest of the company's shares.
ABF, which holds a 51.35% stake in Illovo, intends to make an offer of R20 ($1.24) per share for the stake it does not yet hold, Africa's top sugar producer said in a statement, in a deal that would amount to around R4.1-billion.
Illovo shares rose 8.93% to R20.01 by 13:38 GMT.