Cereal maker Kellogg to buy $450M stake in Nigeria's Multipro as part of Africa expansion

Kellogg Co. agreed to buy a 50 percent stake in Nigerian food distributor Multipro for $450 million and is creating a joint venture with Tolaram Africa to help expand on the continent.

The Tolaram venture includes an option for Kellogg to buy a stake in the African company in the future, the Battle Creek, Michigan-based foodmaker said in a statement Tuesday. Costs associated with the Multipro deal will reduce earnings per share by 1 cent in the third quarter, Kellogg said.

Read more: Kellogg to Buy $450 Million Multipro Stake to Grow in Africa – Bloomberg Business