The proposed $1.7bn (about R24bn) acquisition of Pioneer Foods, owner of brands such as Sasko bread and Ceres juices, by New York-based food and beverages giant PepsiCo will be its second largest since 2010 and its biggest in Sub-Saharan Africa.

“This is a very exciting day for both companies and represents a significant step in expanding our footprint in Sub-Saharan Africa,” Eugene Willemsen, CEO of PepsiCo Sub-Saharan Africa told Business Day on Friday shortly after the release of details of the R110 a share offer.

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