Market watchers on Monday were still mulling over implications of the sudden retirement of Pioneer Foods CEO Phil Roux. With Pioneer poised for a recovery in financial 2018, it is surprising that highly rated Roux – only 52 years old – chose this delicate juncture to step away.Now it seems the chances of meaningful corporate action at Pioneer are slim, and that the company might for the foreseeable future focus intensely on fattening margins and market share in key brand categories. While Pioneer’s share price was steadier on Monday, the share price of controlling shareholder Zeder Investments looked distinctly wobbly. The share finished at a 12-month low and came awfully close to dipping below the level of 600c. Zeder, an agribusiness investment company, is effectively a proxy for Pioneer, which makes up close to 60% or about 400c a share of the sum-of-the-parts valuation. Events at Pioneer might see investors re-examining Zeder’s value proposition. The discount offered by Zeder’s ...

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