Further information will be provided within the required channels and timeframes.Wood and Honeywell will work together through the Honeywell Connected Plant platform to commercialise digital services that help refiners and petrochemical manufacturers make their operations safer, more efficient and more reliable. Minority shareholders of HFMP will be treated fairly and in line with capital market regulation. HFMP’s listing will be retained for the foreseeable future.Nigeria presents vast opportunities, particularly in light of the country being the largest market on the continent as well as a signatory of AfCFTA.

The country and its food security agenda will benefit from both companies’ focus on developing Nigeria’s industrial capability, its agricultural value chain and specifically backward integration of the food industry.The combination will also serve as a catalyst for an even stronger stream of innovation that is focused on local content offerings.Customers across the nation will benefit from access to a wider product range and a robust pan-Nigerian distribution network, accessing greater number of points of sale supported by enhanced customer-focused sales teams and redistribution capabilities.The scale of the transaction provides employees of the consolidated company with more career development opportunities in a larger organisation, with the potential to create more jobs in the economy as it will have more brands and categories, and a larger and more geographically diverse footprint.Stakeholders would benefit from the more than 85-year combined track record of FMN and HFMP and their shared goal of making affordable and nutritious food available to Nigeria’s population.The complementary transaction combines FMN’s market-leading offerings that include grain-based foods, sugar, starches, oils, spreads and breakfast cereals with HFMP’s market leading diverse and differentiated range of carbohydrate products.

The proposed combination is subject to approval from the appropriate regulators.

The final equity price per share payable will be determined based on HFMP’s adjusted net debt and net working capital at the date of completion. HGL will dispose of a 71.69% stake in HFMP to FMN based on an enterprise value of NGN80 billion.

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