Singaporean food and agri-business company Olam International Ltd. has proposed to buy Nigerian flour and pasta manufacturer Dangote Flour Mill (DFM) Plc's 5 billion shares.

The company offered a 130 billion Nigerian Naira ($359 million) bid to acquire all the outstanding and issued shares of DFM that it does not own via its subsidiary, Crown Flour Mills Ltd.

Olam, through its subsidiary, currently owns over five million shares of Dangote Flour Mills and is bidding to take over the entire company.

The transaction is expected to be on the basis of debt free, cash free, payable in cash at the closing of the proposed transaction.