* Tiger Brands has 63 pct in Dangote Flour
* CEO says firm wants maximum 70 pct stake
* Full-year earnings up 7 percent
(Recasts with CEO comments)
JOHANNESBURG, Nov 21 South African consumer
goods group Tiger Brands is offering to buy out some
minority shareholders in Nigeria's Dangote Flour Mills
as it expands in fast-growing African markets.
Earlier this year Tiger Brands bought a 63 percent stake in
the flour and pasta maker in its third and biggest deal yet in
Nigeria, Africa's most populous country and second-largest
economy, which is seen as a growth area for consumer and food
Owner Aliko Dangote's holding firm Dangote Industries Ltd
kept a 10 percent shareholding in the flour mill after Tiger
Tiger Brands said in a presentation on its full-year
earnings that it is making an offer to minorities in Dangote
Flour, which is expected to be completed by March next year.
"We will go up to a maximum of 70 percent in total, leaving
the balance in Nigerian hands," Tiger Brands' chief executive
Peter Matlare told Reuters after the presentation.
Tiger Brands, a maker of bread, breakfast cereal and energy
drinks, expanded outside its home base last year with
acquisitions in Nigeria and Ethiopia.
Matlare said the company will seek acquisitions in Africa,
as well as growing its own business.
Tiger Brands posted a 7 percent rise in full-year earnings,
helped by higher prices. It said diluted headline earnings per
share for the year to end September reached 1,654.2 cents from
1,545 cents last year.
Headline earnings, the main profit gauge in South Africa,
exclude certain one-off items.
The company said revenue rose 11 percent to 22.7 billion
rand ($2.56 billion). It declared a final dividend of 555 cents
But the company said it expected 2013 to be a challenging
year as consumers remain under pressure, with economic growth
sluggish, unemployment high and inflation accelerating.
Tiger Brands shares were down 1.5 percent at 273.67 rand at
($1 = 8.8595 South African rand)
(Reporting by Olivia Kumwenda; Editing by Ed Stoddard and