JOHANNESBURG: PepsiCo has struck a deal to buy South Africa's Pioneer Food Group for US$1.7 billion, the companies said on Friday, lifting ...
JOHANNESBURG: PepsiCo has struck a deal to buy South Africa's Pioneer Food Group for US$1.7 billion, the companies said on Friday, lifting Pioneer's shares and boosting a sector that has been hit by drought and tough trading conditions.
PepsiCo has offered 110 rand per Pioneer ordinary share in what would be its second largest deal since 2010, the companies said, with the news lifting the South African company's shares by 29.32per cent to more than 100 rand. "It's a vote of confidence in South Africa at a time when we really need it," Pioneer CEO Tertius Carstens told Reuters.Food producers have struggled amid a slump in retail sales as consumers cut back and dry weather hit maize and other produce.
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