Guinness Looks to be Exiting Nigeria, sells Major stakes

Diageo Plc, the UK-based majority owner of Guinness Nigeria, looks to be exiting Nigeria after selling its 58.02% stake to Tolaram Group, the consumer food giant. Tolaram paid ₦81.60 for those shares, implying around a 60% premium on Guinness Nigeria’s Monday closing price of ₦50. Diageo will retain ownership of the Guinness brand it will be licenced to Guinness