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Week commencing 29 April
Singapore-based food and agri-business Olam International has submitted a $361m binding offer to acquire 100% of Nigerian flour and pasta manufacturer Dangote Flour Mills. Aliko Dangote, Africa’s richest man, bought the business back from Tiger Brands for a nominal $1 in 2015.
Business Day 24 April
German car manufacturer BMW will start buying its cobalt, an essential component for electric vehicle batteries, from Australian and Moroccan mines. BMW will use the new cobalt supply in its next generation of electric vehicles in 2020. Morocco is the 12th-biggest cobalt-exporting country because of its Bou-Azzer mine.
Reuters 24 April
Canadian vehicle parts supplier Magna has begun construction work on a $11.3m car mirrors facility in Morocco. The plant is set to supply international vehicle manufacturers with interior and exterior mirror systems. Production will start next year.
Morocco World News 24 April
Irish-based commercial aircraft leasing company ABL Leasing has launched in Casablanca, making it Africa’s first aircraft leaser. ABL’s services include sourcing and remarketing of aircraft, leasing, aircraft technical management and debt sourcing and restructuring.
Morocco World News 25 April
African Rainbow Capital has acquired a majority shareholding in QED, the largest independent actuarial advisory business in Africa, for an undisclosed amount. QED is headquartered in South Africa with regional offices in Kenya, Nigeria and Mauritius and it operates across 17 countries in Africa. African Rainbow will not assume operational control, despite the majority shareholding.
Africa Global Funds 25 April
French multinational hospitality company Accor will open 60 new hotels in 14 countries in Africa in the next four years with more than half of them in Egypt. Other key markets in Accor’s growth plan include Nigeria, Ethiopia and South Africa, where it will open 10, seven and three hotels respectively by 2020. Accor has 143 hotels in Africa, 63 of them south of the Sahara.
Bloomberg 24 April