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Nigeria's Seven-Up Bottling Co gets $60 mln takeover offer from majority shareholder
November 30, 2017 / 1:01 PM / in 13 days

Nigeria's Seven-Up Bottling Co gets $60 mln takeover offer from majority shareholder

LAGOS, Nov 30 (Reuters) - Seven-Up bottling Co. has received an offer from its majority shareholder Affelka to buy out minorities in a 19.33 billion naira ($60.41 million) takeover deal, vice chairman Sunil Sawhney told Reuters.

Shares in the soft drinks maker rose 5 percent on the news.

Sawhney said the soft drinks maker has been making losses for some time and that the deal was to restructure the company, which distributes 7up, Pepsi and Mirinda.

He said delisting Seven-Up from the stock exchange after the takeover would be “logical”. The takeover is subject to shareholder and regulatory approvals, he told Reuters. ($1 = 320.0000 naira) (Reporting by Chijioke Ohuocha; Editing by Adrian Croft)

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