Cadbury Nigeria, a leading Food and Beverage company publicly traded on the Nigerian Stock Exchange has unveiled plans to acquire 100% of Stanmark.
Stanmark is a 12,500 ton capacity plant in Ondo that produces cocoa butter, liquor and powder. It supplies the entire cocoa powder requirements for Cadbury beverage products while the cocoa butter and liquor are exported.
Cadbury Nigeria already owns 98% of Stanmark and plans to acquire the remaining 2% in order to maximize operational efficiency.
“Cadbury proposes to exchange one share for 5.58 shares of Stanmark” and then merge the companies, Kufre Ekanem, a spokesman for Cadbury Nigeria.
The combination will make it easier for Cadbury Nigeria to refinance the cocoa business and raise output, Ekanem said. “The companies have applied to the court and the regulatory authorities for approval and believe the deal will be completed soon,” he said.