PepsiCo Offers R23.5bn To Buy South Africa's Pioneer Foods

20 Juillet, 2019, 04:31 | Auteur: Auguste Feret
  • PepsiCo Offers R23.5bn To Buy South Africa's Pioneer Foods

South Africa's food company Pioneer Foods' share price increased by about 30% from R77.62 yesterday to R100.98 on Friday after the announcement that American multinational food, snack, and beverage corporation PepsiCo will purchase the company for approximately $1.7-billion (R24-billion).

The company's shares surged by 29 percent to 100 rand after the details were made public.

For Pioneer, the group will, in turn, have access to PepsiCo's brand portfolio for Africa, including Simba, Doritos, Nik-Naks, as well as PepsiCo's bottling network, boosting local presence and go-to-market capability.

PepsiCo offered R110 ($7.94) per Pioneer Foods ordinary share, the companies said, with the news lifting the South African company's shares by 28.8% to nearly R100.

PepsiCo said Pioneer has "a robust, locally relevant product portfolio" that complements its current line-up, with "strong" positions in cereals, juices and other African nutritional food staples, including well-known, scaled brands such as Weet-Bix, Liqui-Fruit, Ceres, Sasko, Safari, Spekko, and White Star.

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Fellow South African food producer Tiger Brands Ltd. gained as much as 6.5%, the most since November, before falling back.

The companies said the foreign direct investment, which would result from the implementation of the transaction, would contribute meaningfully to the growth of the South African economy under its newly elected leadership. Pioneer Foods forms an important part of PepsiCo's strategy to expand not only in South Africa but in Sub-Saharan Africa as well. "Our businesses are highly complementary, and we look forward to working with the Pioneer Foods team to successfully build and implement a shared vision in the region".

Both companies' boards have approved the deal, which will need regulatory and other approvals.

In a joint statement, the companies said the transaction was one of PepsiCo's largest acquisitions outside the United States and a demonstration of its belief in South Africa's potential and its long-term commitment to the country.

PepsiCo Sub-Saharan Africa will be led by Eugene Willemsen, who most recently served as executive vice-president of global categories and franchise management. As part of this goal, PepsiCo will create a new operating sector for Sub-Saharan Africa, named PepsiCo SSA.

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