PZ Cussons Nigeria’s shares jumped Monday after its majority shareholder, UK-headquartered PZ Cussons Holdings, announced plan to acquire all other shares in the Nigeria unit.
The maker of Carex soap and Imperial Leather announced in a regulatory filing that its parent company, PZ Cussons (Holdings) Limited, had offered to acquire all of its shares at ₦21 per share.
PZ Cussons Holdings Ltd currently has 73.3% interest in the Nigeria unit.
Following the announcement, shares of the Lagos-based company rose 9.14% to close at N19.1 at the Nigeria Exchange Limited on Monday.
The takeover offer is subject to the approval of the board of directors of PZ Cussons Nigeria, the company’s shareholders and regulatory authorities.
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The parent firm, PZ Cussons Holdings, said it believed that the purchase is necessary “to significantly simplify and strengthen operations in Nigeria, creating the foundations for the Nigerian business to deliver against its strategy, building a more agile and innovative business”.
It said “PZ Cussons has been present in Nigeria since 1899 and expects Nigeria to remain an important market for the Group for many years to come.”
The personal care company has a major market in Nigeria where it sells detergent, soap, cosmetics, refrigerators, freezers and airconditioners products.
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