Sugar producer Illovo Sugar saw its shares surge on Friday, after the group said Associated British Foods had offered to buy 51 percent of Illovo.

According to the group, ABF had already received the conditional support from Illovo investors holding some 65 percent of Illovo's shares.

ABF said it would pay 21 rand per Illovo share.

Illovo also reported a 127 percent hike in headline earnings per share for the year ended March, from 45.9 cents to 104.2 cents.

Its dividend was lifted 145 percent, to 62.5 cents.

The buoyant results were due to high sugar prices, while its sugar output both in SA and at its foreign operations reached record levels. Domestic sales were also strong.

By the close of the JSE, shares traded three percent up, at 20.61 rand.

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