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Associated British Foods plans buyout offer for South Africa's Illovo Sugar

Reuters - UK Focus

JOHANNESBURG, Feb 8 (Reuters) - South Africa's Illovo Sugar (Other OTC: ILVOF - news) said on Monday it has received a non-binding expression of interest from its largest shareholder Associated British Foods to acquire the rest of the company's shares.

ABF, which holds a 51.35 percent stake in Illovo, intends to make an offer of 20 rand ($1.24) per share for the stake it does not yet hold, Africa's top sugar producer said in a statement, in a deal that would amount to around 4.1 billion rand.

Illovo shares rose 8.93 percent to 20.01 rand by 1338 GMT.

($1 = 16.1745 rand) (Reporting by TJ Strydom; Editing by James Macharia)