The Board of Directors of Nigerian Breweries Plc and the Board of Directors of Consolidated Breweries Ltd have agreed to explore a combination of the two businesses by way of a Scheme of Merger subject to regulatory approvals. In a joint statement, both companies confirmed that a Pre-Merger application has been filed with the Securities & Exchange Commission for its approval and Nigerian Breweries Plc has duly lodged a notification with The Nigerian Stock Exchange.
On receipt of the regulatory approval, both parties will take further steps to consummate the proposed merger including obtaining the approval of their respective shareholders to the Scheme of Merger at separate Court-Ordered Meetings. Until regulatory and other approvals are obtained, both companies (who are majority owned subsidiaries of Heineken NV) will continue to operate as usual.
The proposed merger of Nigerian Breweries Plc and Consolidated Breweries Ltd is expected to create value for all key stakeholders, particularly shareholders, drive benefits from increased economies of scale and enhance operating and administrative efficiencies.
