Unilever and Remgro have announced a R11.9 billion deal that will see Unilever trade its spreads business (valued at R7 billion) in southern Africa for Remgro’s stake in its South African subsidiary, Reuters reports.
Pictured: Remgro CFO, Neville Williams
The deal is the first step in Unilever's exit of its shrinking spreads business. According to Reuters, Unilever will acquire Remgro's 25.75-percent shareholding in its South African subsidiary in exchange for the spreads business in southern Africa and cash of R4.9 billion.
