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UAC acquires majority stake in Livestock Feeds

By on March 25, 2013

UAC of Nigeria Plc (UAC) has announced the acquisition of majority stake in Livestock Feeds Plc, one of the leading animal feeds producers in the country.

UAC of Nigeria Plc, a diversifi ed conglomerate in Nigeria with operations in foods, paints, logistics and real estate, now owns 51 per cent share in Livestock Feeds Plc, the third largest producer of animal feeds by market share in Nigeria.

A statement from the company said the transaction has been concluded via a special placement and places UACN as the majority shareholder with a shareholding of over 51 per cent in LSF having previously acquired in excess of 11 per cent of the company’s share capital through secondary market trade. The transaction has received the required statutory approvals.

Commenting on the rationale for the transaction, UACN’s Group Managing Director/CEO, Larry Ettah said “This strategic acquisition is industrydefi ning and underscores our strategy to position UACN Group as a portfolio of companies with exposure to the growth segments of the Nigerian economy.

He said that ’The addition of Livestock Feeds to our business brings our combined share in the Nigerian animal feeds market to 32%. It enhances our response to demand in the industry and provides us with an immediate opportunity to diversify our manufacturing and sales locations.

“Further benefi ts will accrue from the attractive synergies in the supply chain as well as in distribution. We are delighted by the prospect of these outcomes and the value they will add for shareholders of UAC and Livestock Feeds.”

( National Mirror)