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Agriculture-focused Kaap Agri, whose interests span retail, fuel, and manufacturing, has reached a deal to buy independent fuel retailer PEG for R1.1bn, which would almost double its network as well as boost its empowerment credentials.

The deal, still subject to shareholder approval, will add 41 service stations to Kaap Agri's network, from 43 currently. The group, valued at R4bn on the JSE, has made clear that it is looking to pick up assets, part of its plans to more than double pre-tax profit to R1bn over the next three years...

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