Nigeria, Aug. 15 -- Palm oil giant Presco has said a takeover of local oil palm business Saro Oil Palm Limited is on the cards.

The move follows a phased acquisition last year of Ghana Oil Palm Development Company (GODPC) Limited, a venture in which it acquired a 52 per cent interest for N103 billion in the first tranche.

Acquiring Saro Oil Palm will cost $46.1 million, while consummating the Ghanaian deal requires $124.9 million, the agribusiness company said Thursday in a statement.

That puts the combined value of the latest acquisitions at $171.6 million.

Saro Oil Palm is a subsidiary of Saro Africa International, a conglomerate owned by Rasheed Sarumi, who is the current chairman of Presco. Presco expects the local acquisition to ...