Drinks company Diageo Plc on Wednesday announced plans to buy extra 15.7 percent shares in its Nigeria subsidiary for up to N41.37 billion (135 million pounds), taking its equity stake to 70 percent, Guinness Nigeria said.

Guinness said its parent firm, which currently own 54.3 percent, was in the process of launching a partial tender offer to existing shareholders and would also buy extra shares through the stock market at a maximum of 175 naira per share.

Diageo would be looking to acquire additional 236.4 million shares. The tender price represents a 40 percent premium to its closing price of 124 naira on Tuesday, Guinness said in a statement.

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