Chemical and Allied Products plc (NGSE:CAP) agreed to acquire remaining 14.02% stake in Portland Paints & Products Nigeria Plc (NGSE:PORTPAINT) for NGN 290 million on October 26, 2020. Under the terms of agreement, Chemical and Allied Products offers Portland Paints & Products Nigeria Plc's shareholders a choice to get NGN 2.90 per share or 1 new share for every 8 Portland Paints & Products Nigeria Plc share. The Scheme will involve the transfer of all Portland Paints' assets, liabilities and business undertakings including real property and intellectual property rights to CAP.

UAC of Nigeria PLC owns 85.98% of Portland Paints & Products Nigeria issued share capital and also owns 51.49% of Chemical and Allied Products plc. Completion of the Proposed Merger is subject to approvals from the Federal Competition and Consumer Protection Commission, Federal High Court, the Securities and Exchange Commission, The Nigerian Stock Exchange as well as shareholders of CAP and Portland Paints. As of February 18, 2021, Shareholders of Portland Paints and CAP approved the transaction.

As of June 29, 2021, Federal High Court of Nigeria approved the transaction. The merger is expected to be completed in Q2, 2021.