The share price of Champion Breweries’ stocks on the Nigerian Stock Exchange increased by 32.35%, since the opening of trade last week. Investor confidence has grown off the back of an expected takeover by Dutch brewer, Heineken Brouwerijen B.V
Heineken’s Nigerian subsidiary, Raysun Nigeria Limited, announced the acquisition of close to 2billion ordinary shares in Champion, which represents a 24.3% share in the brewer. In turn this has raised the ownership by Raysun to 84.7%, which will provide leverage to launch a takeover bid.
According to the brewer’s financial results, Nigeria is one of Heineken’s biggest markets. Consumers in Nigeria, Brazil and the UK drank more than 1 million hectolitres of the brand’s produce in 2019.
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