The Boards of Directors of Nigerian Breweries Plc and Consolidated Breweries Plchave confirmed the receipt of approvals from their shareholders to combine bothcompanies by way of a scheme of merger. The shareholder approvals wereobtained at two separate Court Ordered Meetings which were held in Lagos on 4December 2014.
In a joint statement signed by Mr. Nico Vervelde (Managing Director/CEO ofNigerian Breweries Plc) and Mr. Boudewijn Haarsma (Managing Director of Consolidated Breweries Plc), the companies thanked all shareholders for their active support for the proposal by their overwhelming vote of approval. The statement also confirmed that the name of the enlarged company arising from themerger will be ‘Nigerian Breweries Plc’.
Following this shareholder endorsement, the companies will proceed to the final stage of the regulatory process with the aim of perfecting the scheme by the end of 2014. The merger of Nigerian Breweries Plc and Consolidated Breweries Plc is expected to create value for all key stakeholders, drive benefits from increased economies of scale and enhance operating and administrative efficiencies.