Nigerian Breweries seeks shareholder approval for merger

Nigerian Breweries, said on Friday it would seek shareholder approval on Dec. 4 for its plan to merge with rival Consolidated Breweries.
Heineken, the majority shareholder in Nigerian Breweries, acquired a controlling stake in Consolidated Breweries in 2005 and is seeking to merge both businesses to take advantage of Nigeria's growing market for beer and malt drinks.
In a notice to shareholders, Nigerian Breweries said it planned to exchange four of its shares for five of Consolidated Breweries, involving up to 396.85 million ordinary shares in total.
Nigerian Breweries said two weeks ago it has won Nigeria's 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 local unit of Heineken said shareholders would be asked to consent to an order of a court sanctioning the merger to allow the deal to go ahead.
The companies have not disclosed the value of the deal.