South Africa's Tiger Brands reportedly eyes stake in Lobels Bakery.

By bne IntelliNews December 7, 2010
South African consumer goods firm Tiger Brands is in talks to acquire a 49% stake in one of Zimbabwe's largest and oldest bakeries, Lobels Bakery, the Zimbabwe Independent newspaper reported. Officials from Tiger Brands have been in and out of Zimbabwe to carry out a due diligence of Lobels and recently toured the operations of the company, the newspaper said quoting market sources. According to the unnamed sources, the Lobels shareholders will sell a 49% stake in the company for around USD 10mn in a bid to raise capital for the troubled bakery. The shareholders had opted to retain control in Lobels in line with the country's empowerment laws that compel foreigners to sell 51% stake in businesses valued at USD 500,000 or more, the newspaper said. Last month, Tiger Brands agreed to buy 49% of the food business of Nigeria's UAC, acquired biscuit maker Deli Foods Nigeria and unveiled a joint venture with Ethiopia's East African Group to manufacture and sell personal goods and food.

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