PZ Cussons offers to buy out Nigeria minority stake for £23m

Consumer goods firm PZ Cussons has offered to buy out the minority-held shares of PZ Cussons Nigeria (PZCN) for £22.8m with a plan to de-list the business from the Nigerian stock exchange.

Cussons said buying the 26.73% stake "will significantly simplify and strengthen its business in Nigeria, putting in place a sustainable structure and platform to maximise long-term growth and value".

"The group believes the offer to be attractive for the minority shareholders of PZCN, particularly given the recent macroeconomic developments and foreign exchange challenges," Cussons said in a statement on Tuesday.

The offer will also be subject to the approval of the PZCN board, regulatory approvals and vote of minority shareholders, the maker of Imperial Leather soap added.

Reporting by Frank Prenesti for Sharecast.com