LONDON--Associated British Foods PLC (ABF.LN ) Friday said it will buy the remaining 48.65% interest in Illovo Sugar Ltd. (ILV.JO) for 5.6 billion South African rand ($0.37 billion), or ZAR25 per share, in cash.

The U.K. retailer bought its majority shareholding in Illovo in 2006, it said, adding that Illovo is listed on the Johannesburg Stock Exchange and is the largest sugar producer in Africa.

In February Illovo said it has received a non-binding expression of interest from Associated British Foods to buy the remaining shares in Illovo it doesn't already own, for ZAR20 per share.

Write to Olga Cotaga at olga.cotaga@wsj.com, Twitter @OlgaCotaga

(END) Dow Jones Newswires

April 08, 2016 02:37 ET (06:37 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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