Diageo seeks to increase stake in Guinness Nigeria to 70 pct

Guinness Nigeria said on Wednesday parent firm Diageo Plc has declared its intention to make an offer to increase its stake in the local brewer to 70 percent from 54.3 percent through a partial tender to existing shareholders.
Guinness Nigeria said the company would continue to be listed on the Nigerian Stock Exchange.
Diageo will pay a price of not more than 175 naira per share to existing shareholders and the deal is subject to regulatory approvals, it said.
"Guinness Overseas may also seek to acquire shares in the market ata a price not higher than the offer price of 175 naira per share," the company said in a statement.
 Shares in Guinness was down 0,97 percent on Wednesday to 124 naira, representing a premium of 40 percent from Tuesday's closed.