Nigeria's FBN Insurance to launch takeover bid for Oasis

Nigeria's FBN Insurance said it will launch a bid next week to buy out the 28.8 percent minority stake in Oasis Insurance that it does not already own, in a deal valued at 1.03 billion naira ($6.34 mln).
FBN Insurance, jointly owned by Nigeria's FBN Holdings and South Africa's Sanlam, acquired a 71.2 percent stake in the motor and fire insurer in February.
It will offer 0.55 naira per share to buy the remaining 1.87 billion shares, it said in a statement on Thursday.
The buy-out process opens on July 10 and will last for three weeks, after which FBN Insurance intends to delist Oasis from the Nigerian Stock Exchange, FBN Insurance said.
Shares in Oasis were trading at 0.50 naira on Thursday, giving the company a market capitalisation of 4 billion naira.
Sanlam has said FBN Insurance's acquisition of the 71.2 percent Oasis stake gave it an entry point into the general insurance sector in Nigeria, Africa's most populous nation.