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Olam International eyes Nigeria's wheat market with Dangote Flour Mills deal

Reuters SG

April 23 (Reuters) - Commodity trader Olam International on Tuesday said it will buy Dangote Flour Mills Plc , as it looks to bolster its position in Nigeria's wheat market.

Olam's Nigerian unit, which holds a 0.1 percent stake in Dangote Flour Mills, will buy the rest of the company for an enterprise value of 130 billion naira ($425 million).

The deal expands Olam's reach in the pasta market in Nigeria, as it looks to cash in on the growing demand of wheat-based products in the region.

The final deal value will be based on net debt and net working capital of Dangote Flour Mills, the company said in a statement.

Olam will fund the deal, which is on a debt free and a cash free basis, from internal cash resources and existing borrowing. ($1 = 305.9500 naira) (Reporting by Syed Saif Hussain Naqvi in Bengaluru; editing by David Evans)