Slaughter and May is advising Unilever - partial tender offer to increase its stake in Unilever Nigeria

Slaughter and May, working alongside Aluko & Oyebode in Nigeria, is advising Unilever in relation to a partial tender offer by its subsidiary, Unilever Overseas Holdings BV (Unilever Overseas Holdings), to increase its equity stake in Unilever Nigeria PLC (Unilever Nigeria) from 50.10% to 75%. The partial tender offer has been approved by the Nigerian Securities and Exchange Commission and notified to the Nigerian Stock Exchange.

Based on the offer price of NGN 45.50 per share in cash, the total value of the transaction is approximately NGN 42.871 billion (EUR 192.6 million at prevailing exchange rates at the time of announcement).

Unilever Overseas Holdings is a wholly-owned, indirect subsidiary of Unilever PLC. Unilever Nigeria is one of Nigeria's leading suppliers of fast-moving consumer goods and is present in the Nigerian market for foods, refreshment, household and personal care products.

Paul Thorpe Associate