PepsiCo plans to acquire South Africa's Pioneer Foods
Reuters
Published Jul 19, 2019 08:10
PepsiCo plans to acquire South Africa's Pioneer Foods
JOHANNESBURG (Reuters) - U.S.-based beverage and snack maker PepsiCo (O:PEP) is planning to acquire South Africa's Pioneer Food Group (J:PFGJ) for around $1.7 billion, the two companies said on Friday, as it targets expansion in Africa.
PepsiCo offered a cash consideration of 110 rand (6 pounds) per Pioneer Foods ordinary share, a 56.5% premium as of July 12.
"This acquisition will help PepsiCo gain a solid beachhead for expansion into sub-Saharan Africa by boosting the company's manufacturing and go-to-market capabilities, enabling scale and distribution," PepsiCo said in a statement.
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Written By: Reuters
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