According to an Entrepreneurng report, only a few weeks after acquiring a sizable share of the local conglomerate, Transcorp Corporation Plc, Nigerian billionaire Femi Otedola has sold his holdings.
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Nairametrics said that after negotiations between Otedola and the chairman of the conglomerate, Tony Elumelu, a deal was reached that allowed him to sell his 6.62 percent ownership in Transcorp.
According to the report, the parties thought that parting ways was in their best interests to go their own ways, therefore the conversations that led to the agreement were quick yet friendly.This occurs just hours after Elumelu and Otedola made it known that they would collaborate to advance Transcorp’s objectives.
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According to sources, the corporation was distracted by the attention the fight for ownership of the shares attracted, which paved the way for the decision to part ways.
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It was informed that the deal was finalized at Transcorp Plc’s Thursday closing market price. Transcorp’s shares closed at N3.12 on Thursday.
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Otedola became the second-largest shareholder in Transcorp after he purchased a 5.52 percent stake in the conglomerate, sparking a struggle for control of the corporation. Otedola increased his shareholding to more than 6% by acquiring more shares.
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In conclusion, Elumelu, who is a director at HH Capital Limited, cleverly increased his holdings in the firm from 2.07% to 25.58% on Thursday, exceeding Otedola’s position in the process.
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Source: Punch
