Pioneer mum on transaction
Cautionary update warns of deal, but CEO says group is in talks and details will follow after the board’s approval
An offshore transaction for cereal and juice manufacturer Pioneer Foods may be on the cards as the group seeks to strengthen its core markets to gain market share. Pioneer Food released a cautionary update on Tuesday warning the market of a material transaction, but CEO Phil Roux remained tight-lipped about the details of the deal. "Whatever we are doing will strengthen our core markets and that’s as far as I’m prepared to say, otherwise people speculate too much," said Roux. He said the group was still in discussions and that the deal was expected to be completed soon. "Should the transaction be approved by the board then a firm intention will come out with all the details in the next two weeks or so," said Roux. Some industry pundits have speculated that the transaction may involve a deal in Europe. Anthony Clark, an equity analyst at Vunani Securities, said Pioneer had been looking at the Eastern European market, specifically Poland, which has similar trading and living standards...
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