Unilever offers $216 mln to increase Nigerian unit stake

Unilever said it plans to raise its stake in its Nigerian unit to up to 75 percent in a 192.6 million euro ($216 million) offer to minority shareholders but would not de-list its subsidiary.  
    The household products maker, which already owns 50.1 percent of the Nigerian subsidiary, has had operations in Africa's biggest economy for close to a century and sees Nigeria as a long term investment, documents showed on Monday.
    Under the terms of the offer, parent firm Unilever plans to acquire 942 million ordinary shares at 45.50 naira each, which would reduce the Nigerian unit's free float and trading volumes.
    The parent firm valued the Nigeria subsidiary at around 172.14 billion naira ($865 million) and said it would fund the tender offer from its available cash reserves.
    Unilever said it had extended the offer to June 25, from June 10 to allow more shareholders participate, saying a fuel crisis in Nigeria since March disrupted postal services.  
    Unilever said it would not make any changes to the board of directors or management of its local unit after the offer.
    Shares in Lagos-listed Unilever - which has gained 25.7 percent so far this year - were flat at 45.05 naira.
    Citigroup Global Markets and Nigerian-based Chapel Hill Advisory Partners are acting as financial advisers to Unilever Overseas Holdings B.V.