Lagos – The Nigerian Breweries (NB) Plc and Consolidated Breweries (CB) board of directors on Friday confirmed the receipt of approvals from their various shareholders for business combination by way of merger.
This is contained in a joint statement by NB Managing Director, Mr Nico Vervelde and CB Managing Director, Mr Boudewijn Haarsma made available to the News Agency of Nigeria (NAN) in Lagos.
The statement said that the shareholders’ approvals were obtained at two separate Court Ordered Meetings held in Lagos on Dec. 4.
It commended the shareholders for their support and approval of the companies’ proposed merger plan.
The statement said that the enlarged company after the merger would be known as Nigerian Breweries Plc.
It said that the companies would now proceed to the final stage of the regulatory process following the shareholders approval.
“Following this shareholder endorsement, the companies will proceed to the final stage of the regulatory process with the aim of perfecting the scheme by the end of 2014,’’ the statement said.
The merger of Nigerian Breweries Plc and Consolidated Breweries Plc was expected to create value for all key stakeholders, drive benefits from increased economies of scale and enhance operating and administrative efficiencies.
NAN also reports that Nigerian Breweries recently secured the Securities and Exchange Commission approval for the merger.
Nigerian Breweries, listed on the Nigerian Stock Exchange, is expected to be the surviving entity after the merger.
The company in a statement to the Nigerian Stock Exchange said that both companies would continue to operate as usual until the regulatory and other approvals were obtained.
NAN also reports that four of NB shares would be exchanged for five shares of Consolidated Breweries. (NAN)
Shareholders approve Nigerian Breweries, Consolidated Breweries merger
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